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Yen softens after GPIF report, USD/JPY moves back above 158

MUFG said the yen remains the top-performing G10 currency since August, supported by expectations for faster Bank of Japan policy normalization and higher JGB yields.

Reported · Written up by our desk · Major Pairs

MUFG analyst Lee Hardman said the Japanese yen softened after a Bloomberg report on the GPIF’s September meeting, helping USD/JPY move back above 158.00, according to FXStreet.

FXStreet reported that despite the correction, the yen is still the best-performing G10 currency since August, with support coming from expectations of faster Bank of Japan policy normalization and higher JGB yields.

Reuters-cited expectations also point to the BoJ signaling underlying inflation near its 2% target, which FXStreet said is reinforcing market expectations for a December rate hike.

Latest closeUSD/JPY 157.84 ▼0.3%

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