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The yen weakened after Japan's national CPI fell to 2.5% in April from 2.7%, still above the BOJ's 2% target. Softer inflation reduces the case for near-term BOJ tightening.
The dollar also fell despite hawkish Federal Reserve signals.
Softer inflation weakens the case for BOJ hikes, keeping the yen under pressure and raising the yen cost of dollar-priced feed imports for Japan. The outlook depends on whether the BOJ moves before the Fed.
fxstreet.comAkhtar FaruquiMay 24, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
