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- Japan to include economic security, steps to respond to FX moves in FY2023 budget proposal
Japan to include economic security, steps to respond to FX moves in FY2023 budget proposal
Early Friday morning in Europe, Reuters quotes a draft proposal for the Financial Year 2023 (FY2023) budget compilation while saying, “Japan to include economic security, steps to respond to fx moves as items for consideration in FY2023 budget compilation.”
The news adds to the Japanese yen (JPY) as it drops nearly 1.0% versus its US counterpart by the press time. That said, the USD/JPY was last seen taking offers at around 133.00.
It should be noted that the yen’s strength contrasts with the US dollar’s broad weakness amid the downbeat Treasury yields and the “technical recession” chatters to exert downside pressure on the USD/JPY prices of late.
That said, US policymakers, including Fed’s Powell and Treasury Secretary Janet Yellen, tried to shrug off the “technical recession” after the US Q2 GDP dropped for the second consecutive time and teased the concept. The same probes the central bankers pushing for more rate hikes to tame inflation and hence drowning the US dollar.
Also read: USD/JPY Price Analysis: Plunges to near 133.00 on breaking 50-EMA, 130.00 eyed
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