October 30, 2024 (Globalinvestorideas.com Newswire) Globalinvestorideas.com, a go-to platform for big investing ideas releases market commentary from Li Xing Financial Markets Strategist Consultant to Exness.
The Japanese yen has stabilized following its recent decline, hovering near a multi-week low as investors await the Bank of Japan’s monetary policy decision. The currency remains under pressure following the ruling coalition’s loss of its parliamentary majority in the recent weekend elections, introducing significant political uncertainty.
Consequently, the yen has weakened against the dollar, pushing USDJPY closer to a three-month high.
Looking ahead, market participants will closely evaluate the election results alongside the broader economic landscape. The Bank of Japan’s policy decisions and market expectations may influence the yen’s performance. In the near term, the yen could remain under pressure, driven by ongoing challenges in the Japanese economy and resilience in the US economy, prompting markets to trim expectations on the pace of the Fed rate cuts. Additionally, Japanese yields have stagnated near recent levels, which could further weigh on the yen if they decline.
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