0915 GMT - The Japanese yen hits a 10-week high against the dollar and could strengthen further if inflation data support expectations for further Bank of Japan interest-rate rises, ING's Chris Turner says in a note. The market is pricing in a strong chance of an interest-rate rise in July but not fully pricing in a 25 basis-point increase until September, according to LSEG. The yen's strength in response to these "relatively modest moves" in rates is surprising, Turner says. However, Japan's inflation data at 2330 GMT "could trigger another leg lower" for USD/JPY in the short-term, he says. Nevertheless, USD/JPY is unlikely to fall much further. USD/JPY falls to a low of 149.955, according to FactSet. (renae.dyer@wsj.com)
(END) Dow Jones Newswires
February 20, 2025 04:15 ET (09:15 GMT)
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