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- USD/JPY advances near 155.85 in Wednesday’s early Asian session, up 0.24% on the day.
- The higher possibility of a BoJ interest rate hike might support the Japanese Yen.
- Investors will monitor the US preliminary S&P Global PMIs for June, which is due later on Wednesday.
The USD/JPY pair trades on a stronger note around 155.85, snapping the two-day losing streak during the early Asian session on Wednesday. The upside of the pair might be limited amid the growing speculation that the Bank of Japan (BoJ) would continue hiking interest rates to boost the currency.
A senior official in the ruling party, Toshimitsu Motegi, said that the central bank should more clearly communicate its resolve to normalize monetary policy, including through steady interest rate hikes, per Reuters. The expectation that the BoJ will tighten its monetary policy further might lift the Japanese Yen (JPY) against the US Dollar (USD) for the time being.
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