Yen Slips From One Week High Against US Dollar As BOJ Highlights Need To Continue With Monetary Easing

Published on Aug 07, 2023 14:58

The US dollar edged up against the Japanese Yen today as a one week low around 141.50 mark offered a decent support to the US currency. The USDJPY currently lingers at 142.24, up 0.33% on the day as the Bank Of Japan or the BOJ noted today that the year-on-year rate of increase in the consumer price index (CPI) is likely to decelerate, with a waning of the effects of a pass-through to consumer prices of cost increases led by the past rise in import prices. The BOJ highlighted need to patiently continue with monetary easing toward achieving the price stability target. In order to achieve the price stability target of 2 percent in a sustainable and stable manner, it is necessary for the Bank to keep supporting the momentum for wage hikes through continuation of monetary easing. The JPYINR futures on the NSE are witnessing a sideways trading amid these cues. The futures moved in a range of 58.21-58.37 and currently hover at 58.43, up 0.21% on the day.