Yen strengthens post-rate hike, as Fed cut in view amid market turmoil
Global FX market sees volatility as investors pull out of carry trades and stocks.
The USD/JPY fell to a lower level around 142-143 on Monday (july 5), after the Bank of Japan (BOJ) announced last week a 15-basis point rate hike to 0.25%, the highest in 15 years. The announcement also came with a readjusted quantitative tightening (QT) plan, which includes a reduction in the central bank’s bond buying programme from ¥6 trillion ($39.3 billion) to ¥3 trillion.
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