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Yen holds near 158 per dollar as Japan vows debt control
USD/JPY was around 158.0 at the European open, while Japan’s Cabinet Office said consumer confidence slipped to 35.4 in September from 35.5 in August.
The Japanese yen was little changed against the US dollar on Monday, holding near 158.0 as downside attempts were limited by Japan’s pledge to control public debt, according to FXStreet. The article said USD/JPY was trading around 158.00 at the European session opening, with the broader bearish trend in the yen still intact.
FXStreet reported that Japan’s Prime Minister Sanae Takaichi told parliament the government will control debt issuance and scrutinize factors including the economy, prices, tax revenues, interest rates, debt servicing costs, and market developments. The piece also linked the backdrop to borrowing costs rising to record highs and bond market turmoil.
On the data front, FXStreet said Japan’s Cabinet Office reported consumer confidence fell to 35.4 in September from 35.5 in August, slightly above the 35.3 market expectation. In the US, the outlet noted nonfarm payrolls disappointed on Friday and that it effectively reduced expectations for a US Federal Reserve rate hike in October.
FXStreet added that the US dollar remained supported by its safe haven appeal, even as borrowing cost dynamics and recent economic data influenced rate expectations.
Latest closeUSD/JPY 157.83 ▲0.2%