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2025-09-17 16:48:44
[The USD/JPY exchange rate has bottomed out and rebounded, with expectations of easing and a modest rebound coexisting.] ⑴ On Tuesday (Beijing time), the USD/JPY pair briefly fell from 147.54 to 146.28, closing at 146.66-148.55 that day. This marked the first time the pair has closed outside this range since July 4th. ⑵ On Wednesday, the exchange rate rebounded modestly, rising from 146.22 to 146.68. The support level of 146.22 coincided with the low of August 14th, demonstrating some resilience. ⑶ Market focus is shifting to this week's Federal Reserve interest rate decision and the Bank of Japan's policy moves, which may provide new guidance for exchange rate trends. ⑷ Constrained by market expectations of a Fed rate cut and the narrowing of the US/Japan interest rate differential, the upward momentum of the USD/JPY exchange rate has been curbed, favoring a modest decline in the short term. ⑸ Notably, historical data shows that the USD/JPY and EUR/JPY currency pairs typically rise in September, and this seasonal pattern may be reflected in the near future.
