According to a Reuters poll, a slim majority of economists expect that the Bank of Japan will forgo raising interest rates again this year amid uncertainty over the new political leadership's preference for the monetary policy.
Data published by Japan's Ministry of Finance on Thursday showed that total exports in September dropped 1.7% from a year earlier as compared to a revised 5.5% rise in the previous month and missing consensus estimates.
Soft demand in China – Japan's biggest trading partner – and a slowing US growth, along with the JPY's recent appreciation following the BoJ’s unexpected interest rate hike in late July, pushed down the value of exports.
This could further complicate the BoJ's rate-hike plans and cap any meaningful appreciating move for the JPY, though persistent geopolitical risks stemming from the ongoing conflicts in the Middle East might offer support.
The United Nations (UN) said that Israeli forces have fired at its peacekeeping position, forcibly entered a base, stopped a critical logistical movement, and injured more than a dozen of its troops in southern Lebanon.
According to a source familiar with the matter, Israel’s plan of a counterstrike in response to Iran’s October 1 attack is ready, raising the risk of a further escalation of tensions in the Middle East and a broader regional war.
The US Dollar rose to its highest level since early August on Wednesday amid firming expectations for a less aggressive policy easing by the Federal Reserve and bets for a 25 basis points rate cut at the November meeting.
The yield on the benchmark 10-year US government bond dropped to over a one-week low on Wednesday, albeit it defends the 4.0% threshold, which favors the USD bulls and should offer support to the USD/JPY pair.
Traders look to the US economic docket – featuring the release of monthly Retail Sales, Weekly Initial Jobless Claims and the Philly Fed Manufacturing Index – for some impetus later during the North American session.
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