According to four sources familiar with the BoJ’s thinking, Reuters also reported that a growing number of policymakers may favor terminating negative interest rates this month if they believe this year’s annual wage discussions will produce positive outcomes.
The dollar was down 0.68% against the yen at 147.05 yen, the lowest level since February 2.
According to Kathleen Brooks, research director at XTB, “the yen is rising as speculation mounts that the BoJ will buck the global central bank trend and hike interest rates later this month.”
“We think this pair could test 145.00 in the short term as a strong downtrend seems to be building for USD/JPY,” she continued.
Following indications that the European Central Bank (ECB) and the U.S. Federal Reserve might be closer to reducing rates than the Bank of England (BoE), sterling increased on Friday versus a declining euro and dollar. The pound saw its best level since late July and increased by 0.34% to $1.2854.
Reiterating expectations that European and American interest rates will begin to decline in June also supported the risk-averse Australian and New Zealand dollars. The Kiwi was up 0.05%, and the Aussie was up 0.09%.
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