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USD/JPY edges higher as markets weigh BoJ and Japan data

The yen stayed in a narrow range near 157.90 while investors assessed Prime Minister Sanae Takaichi’s plan to cut food consumption tax without issuing more bonds.

Reported · Written up by our desk · Major Pairs

USD/JPY rose on Tuesday, edging higher to 157.90 while the yen held within a narrow trading range, according to Action Forex.

Markets are gauging the direction of Prime Minister Sanae Takaichi’s government, which is pursuing stimulative fiscal policy despite concerns about a weak yen, and plans to cut the consumption tax on food while funding spending without additional government bond issuance, Action Forex reported.

Investors are also looking ahead to several Japan releases this week, including August wage data, the current account and household spending, plus September indicators of consumer confidence and machine tool orders.

Attention remains on the Bank of Japan as well, after the summary of opinions from its September meeting pointed to growing concern that inflation could stay above the 2% target for longer, keeping the possibility of another rate hike before year end in focus, Action Forex said.

Latest closeUSD/JPY 157.94 ▲0.1%

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