The Japanese Yen edges lower as traders adopt caution due to increased market volatility.
Japan’s Finance Minister Shunichi Suzuki will continue to monitor market developments closely.
The US Dollar receives downward pressure due to heightened odds of a 25-basis point rate cut in September.
The Japanese Yen (JPY) depreciates against the US Dollar (USD) on Friday. Traders are closely evaluating Japan's monetary policy outlook, as central bank officials have indicated a readiness to raise rates further, although they have become more cautious due to increased market volatility.
Japan’s Finance Minister Shunichi Suzuki emphasized on Thursday that monetary policy decisions fall under the purview of the Bank of Japan, while they continue to monitor market developments closely, as reported by Reuters.
The US Dollar faces challenges amid increasing expectations that the Federal Reserve (Fed) may implement a rate cut in September. Traders evaluate mixed signals from the US economy, trying to determine whether it will experience a soft landing or slip into a recession. The CME FedWatch tool indicates that markets are now fully anticipating a 25-basis point interest rate cut by the Fed in September.
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