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USD/JPY Forecast: Fed and BoJ Decisions to Impact Yen Price Action
On Wednesday, July 31, Japan’s retail sales figures influenced USD/JPY demand. Retail sales increased 3.7% year-on-year in June, following a rise of 3.0% year-on-year in May. Higher retail sales could fuel demand-driven inflation, supporting a more hawkish Bank of Japan rate path. Significantly, these numbers preceded the highly anticipated BoJ monetary policy decision. chart The Bank of Japan and the USD/JPY in the Spotlight Later in the morning session, the Bank of Japan’s monetary policy decision will impact Yen demand. Economists expect the BoJ to hold interest rates unchanged and announce cuts to Japanese ... (full story)