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Forex

Japanese Yen Near 40-Year Low as Carry Trade Continues

Guavy AI Editorial Team
Instruments
JPY
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The Japanese Yen (JPY) remains near a 40-year low as the gap between US and Japan interest rates keeps the carry trade active.

The USD/JPY pair consolidated its previous day's gains despite looming intervention risks, with bulls turning cautious ahead of potential government support for the JPY. The wide US-Japan rate differential continues to hold back JPY bulls from making aggressive bets.

Economic risks stemming from energy supply disruptions due to the Middle East conflict have contributed to the JPY's relative underperformance, with crude oil prices reaching a fresh high since June 11. Market expectations that the US central bank will raise borrowing costs by year-end favor USD bulls and support dip-buying around the USD/JPY pair.

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