Yen Flatlines Near Multi-Decade Low as Japan Awaits BoJ Decision

The Japanese Yen (JPY) held steady near its multi-decade low against the US Dollar (USD) on Friday, despite rising inflation in Japan. The preliminary reading of the US S&P Global Purchasing Managers Index (PMI) was released later in the day.

Data from the Japan Statistics Bureau showed that Japan's National Consumer Price Index (CPI) inflation rose to 1.7% YoY in June, up from 1.5% in May. The core CPI came in at 1.6% YoY in June, matching market consensus.

Finance Minister Satsuki Katayama warned markets on Wednesday that authorities were ready to take 'appropriate and bold action' if necessary. This comes just days before the Bank of Japan (BoJ) policy meeting, where rates are expected to remain unchanged.