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In Asia on Monday, USD/JPY broke its three-day losing streak. USD/JPY was boosted by a modest rebound in the U.S. dollar and comments last week from U.S. Treasury Secretary Janet Yellen on possible intervention by Japan. USD/JPY is currently trading around 153.55, up 0.35% on the day.
U.S. Treasury Secretary Janet Yellen noted over the weekend the sharp swings in the yen’s value last week but declined to comment on whether Japan would intervene to support the yen. Over the past two years, she has made multiple speeches about possible Japanese intervention, often emphasizing the G7’s support for an agreement to have market-determined currency exchange rates. According to Bloomberg, Japanese Finance Minister Shunichi Suzuki did not confirm that Japan had launched intervention measures.
Growing speculation that the Federal Reserve will cut interest rates in September, following weaker-than-expected U.S. employment data, has put some selling pressure on the dollar. Traders now see an 85.5% chance of the Fed staying on hold in June, while the chance of a rate cut in September has risen to 90%, according to the CME Group’s FedWatch tool.
