# Yen surges, USD heads south on divergent Fed, BOJ policies

> The Bank of Japan raised rates by 15bp, more than the 10bp expected, while the Fed held rates at 5.25-5.50% and signaled a possible September cut. The yen rallied sharply, pushing USD/JPY below 149 for the first time since March. Fed funds futures price multiple cuts through March.

- Date: 2024-07-31 · published 2024-07-31T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/29457-yen-surges-usd-heads-south-on-divergent-fed-boj-policies
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Japanese Yen (JPY per USD)](https://feedsoft.ai/c/USDJPY.md)

## Why it matters

A weaker dollar and firmer yen reflect diverging central bank policy, which can shift currency-driven export competitiveness and dollar-denominated commodity prices. The effect on feed prices is indirect and moderate.

## Read by commodity

- DXY: bearish ▼
- USDJPY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2024-08-30 | [South Africa Rand (USD/ZAR) Surges on Fed Rates, Economy Optimism - Bloomberg](https://feedsoft.ai/events/29085-south-africa-rand-usd-zar-surges-on-fed-rates-economy-optimism-bloomberg.md) | +0.2% | -0.9% |
| DXY | 2026-08-01 | [Japan intervenes to prop up yen ahead of BOJ policy decision, source says](https://feedsoft.ai/events/18580-japan-intervenes-to-prop-up-yen-ahead-of-boj-policy-decision-source-says.md) | -0.5% | -0.8% |
| DXY | 2020-08-28 | [Gold surges over 2% on waning dollar, Fed policy shift - The Business Times](https://feedsoft.ai/events/51528-gold-surges-over-2-on-waning-dollar-fed-policy-shift-the-business-times.md) | -0.5% | +1.0% |
| DXY | 2024-08-26 | [AUD/USD surges with dovish Fed and hawkish RBA stance on inflation \| IG International](https://feedsoft.ai/events/29061-aud-usd-surges-with-dovish-fed-and-hawkish-rba-stance-on-inflation-ig.md) | +0.7% | -0.0% |
| DXY | 2025-12-24 | [EUR/USD steady near 1.1800 amid thin liquidity, policy divergence](https://feedsoft.ai/events/21720-eur-usd-steady-near-1-1800-amid-thin-liquidity-policy-divergence.md) | +0.0% | -0.7% |

## Sources

- forex.com: https://www.forex.com/en/news-and-analysis/yen-surges-usd-heads-south-on-divergent-fed-boj-policies-asian-open-2024-08-01/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.