USD/JPY Pauses Amid Intervention Fears and Hawkish BoJ Expectations
The Japanese Yen has trimmed part of its intraday gains against the US Dollar as traders await the release of key economic data.
USD/JPY pair prices recovered from a one-and-a-half-week low, touched earlier on Wednesday, and are currently trading just below the 157.00 mark during the European session.
The Japanese currency is being supported by intervention fears and hawkish Bank of Japan expectations, weighing on spot prices.
US Treasury yields pulled back from multi-year highs amid overnight falls in crude oil prices to a three-week low and dovish remarks from New York Federal Reserve President John Williams.
However, growing acceptance that the US Federal Reserve will raise borrowing costs again by the end of this year is helping limit the downside for the USD.