The Japanese yen recorded a notable rise today, Monday, thanks to statements made by the Governor of the Bank of Japan, “Kazuo Ueda,” which opened the door to the possibility of raising interest rates soon. In contrast, the dollar began the month’s trading on a decline, driven by increasing investor expectations of a possible US interest rate cut during the current month.
Ueda showed today a more optimistic view of the Japanese economy, indicating that the central bank will study the “pros and cons” of raising interest rates during the upcoming monetary policy meeting in December. Market observers considered these statements as an indication that the governor is adopting a more hawkish stance.
These statements contributed to boosting the Japanese currency’s gains, as it rose by 0.4% to reach its highest level during the session at 155.49 against the dollar.
