Crypto
Yen Strengthens on Domestic Data Ahead of BoJ Meeting
The Japanese Yen (JPY) is gaining strength against the US Dollar (USD), thanks to recent upbeat domestic data and anticipation of the Bank of Japan's (BoJ) September meeting.
According to Scotiabank strategists Shaun Osborne and Eric Theoret, the JPY has surged 0.2% vs. the USD, outperforming most G10 currencies except for NOK and SEK.
The latest domestic data releases have been constructive, with a significant increase in July retail sales and an unexpected expansion in industrial production.
As policymakers focus on the BoJ's September 18 decision, expectations are building that officials will take action to address market concerns.