Japanese Yen languishes near two-month low against USD, US CPI report awaited
- The Japanese Yen dropped to a two-month low against the USD on Wednesday amid the BoJ uncertainty.
- Rising bets for a regular 25 bps Fed rate cut move in November offer support to the USD and USD/JPY.
- The JPY bulls seem unimpressed by Japan’s PPI print as the focus remains glued to the US CPI report.
The Japanese Yen (JPY) weakened across the board on Wednesday amid the uncertainty over the Bank of Japan's (BoJ) plans for additional interest rate hikes. Apart from this, the risk-on impulse undermined demand for the safe-haven JPY, which, along with a fresh wave of the US Dollar (USD) buying, pushed the USD/JPY pair to the 149.35 region, or its highest level since mid-August.
Meanwhile, data published earlier this Thursday showed that the Producer Price Index (PPI) in Japan remained unchanged in September and the yearly rate rose more than anticipated during the reported month. This, in turn, offers support to the JPY and caps the USD/JPY pair. Furthermore, traders opt to move to the sidelines ahead of the release of the US consumer inflation figures.
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