USD/JPY upside looks limited near-term, hindered by narrowing interest rate differentials and perceived increased risk of Bank of Japan intervention. The stronger yen may add to growing downside momentum in the Nikkei 225, putting two of the strongest market trends in 2024 under threat. Don’t adjust your screens… USD/JPY declines: The Japanese yen received a rare reprieve on Wednesday, gaining against the US dollar on narrowing yield differentials and statement from US, Japanese and South Korean officials pledging to "consult closely" on foreign exchange movements, seemingly increasing the risk of potential Bank of ... (full story)