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Yen eases as hawkish BoJ minutes and intervention talk fail to dent USD/JPY

BoJ minutes showed some policymakers wanted faster rate hikes in September, after the bank raised its benchmark rate 25 basis points to 1.25%.

Reported · Written up by our desk · Major Pairs

The Japanese yen is giving back part of Friday’s rebound versus the US dollar, with USD/JPY pushed toward the 158.00 area, according to FXStreet.

FXStreet said the BoJ minutes released earlier on Monday reflected hawkish views, including arguments for faster interest rate increases in September, which helped sustain expectations of continued tightening.

The yen’s move also comes as signals that the US and Japan could launch a new joint intervention have not deterred “yen bears,” the outlet added.

FXStreet noted the BoJ raised its benchmark interest rate by 25 basis points to a 31-year high of 1.25%, while two policymakers voted to leave it on hold, and the yen has depreciated more than 1.5% against the USD since then.

Latest closeUSD/JPY 157.19 ▼0.7%

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