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Yen Pressured Near Six-Month Low as Market Awaits Clarity from Central Banks

January 6, 2025 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas releases market commentary from Joseph Dahrieh, Managing Principal at Tickmill.

The Japanese yen hovered nearly 6 months low against the US dollar, weighed down by mixed domestic and global factors. December's PMI in Japan rose to 50.9, signaling modest growth in the services sector, yet it lagged behind the 2024 average. This raises questions about the Bank of Japan's timeline for potential interest rate hikes. The uncertainty has kept the yen under persistent pressure.

Internationally, investors take a cautious stance as markets await critical economic data from the U.S., Europe, and the U.K. All eyes will be on speeches from Federal Reserve officials and the upcoming FOMC minutes, which could shape expectations for U.S. monetary policy in 2025. While a hawkish tone should continue to support the greenback, dovish signals may provide some relief for the yen.

On the bond markets, the U.S. yields remain steady with the 10-year note hovering above the 4.5% mark. Japanese yields saw some volatility as markets reacted to the comments of the BoJ's governor. Unless the BoJ signals a shift toward tightening or U.S. economic data disappoints, the Japanese currency is likely to stay under pressure.

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