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2025-07-31 16:17:13
The yen strengthened to a four-week high, boosted by the Bank of Japan's decision. The Bank of Japan (BoJ) maintained its benchmark interest rate at 0.5% but raised its inflation forecast for fiscal 2025 from 2.2% to 2.7%, pushing the yen higher across the board against major currencies. USD/JPY fell to 148.59, while EUR/JPY fell to a four-week low of 169.73. Bank of Japan Governor Kazuo Ueda stated that if economic and price trends meet expectations, interest rate hikes will continue. He called the Japan-US trade agreement a "significant development." Japan's new housing starts fell 15.6% year-on-year in June (-34.4% in the previous month), but the seasonally adjusted annualized rate rebounded from 529,000 units to 647,000. ⑶ Technical analysis shows that the yen hit a nearly four-week high against the pound (196.97) and the Swiss franc (182.66), and hit an eight-day high against the Australian dollar (95.86) and the New Zealand dollar (87.86). The next resistance levels are 194.00, 180.00, 94.00 and 86.00 respectively.
