Japanese Yen struggles to lure buyers amid doubts over BoJ’s ability to hike rates further ...từ Wulan Viana

27 Nov 2024, 15:46 · Views 64

Data published by the Bank of Japan this Tuesday showed that the Services Producer Price Index (PPI) rose 2.9% YoY in October as compared to 2.6% in the previous month.
This comes after last week's stronger consumer inflation figures from Japan and BoJ Governor Kazuo Ueda's hawkish remarks and keeps the door open for a December rate hike.
BoJ Governor Kazuo Ueda has stressed the bank's readiness to raise interest rates again if inflation becomes driven more by robust domestic demand and higher wages.
Meanwhile, investors have been scaling back their bets for another 25-basis-points rate by the BoJ in December in the wake of increased domestic political uncertainty.
US President-elect Donald Trump said that he will charge Mexico and Canada a 25% tariff on all products coming into the US and will charge China an additional 10% tariff.
Concerns about the economic impact of increased duties temper investors' appetite for riskier assets and drive some haven flows towards the Japanese Yen on Tuesday.
The yield on the benchmark 10-year US government bond fell by the most since early August on Monday in response to Scott Bessent's nomination as the US Treasury secretary.
Chicago Fed President Austan Goolsbee said on Monday that barring some convincing evidence of overheating, he foresees the central bank continuing to lower rates.
Separately, Minneapolis Fed President Neel Kashkari said that it is still appropriate to consider another interest-rate reduction at the December FOMC policy meeting.

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