Japanese Yen ($USD/JPY) Forex Forecast: Up 0.4% Today

What is Japanese Yen?

The USD/JPY currency pair reflects the exchange rate between the US dollar and the Japanese yen. Today, the market experienced a significant bullish trend in this currency pair.

Why is Japanese Yen going up?

USD/JPY forex is up 0.4% on Nov 6, 2024 1:02

• Decrease in Nintendo's Switch sales target and talk of a new console might have reduced yen demand, favoring the US dollar.
• Chinese consumers buying luxury items abroad due to the weak yen could have boosted demand for the US dollar, strengthening it against the yen.
• Operational updates and financial results from Nxera Pharma likely did not influence today's bullish movement of the USD/JPY currency pair.

USD/JPY Price Chart

USD/JPY Technical Analysis

USD/JPY News

Nintendo Reduces Switch Sales Target, Eyes 2025 For Next-Gen Console Unveil - Nintendo Co ( OTC:NTDOY )

Nintendo ADR NTDOY has reduced its annual sales forecast for the Nintendo Switch, with plans to announce a successor console by the end of the current fiscal year. The company revised its projected Switch sales for the fiscal year ending March 2025, cutting the target from 13.5 million units to ...

https://www.benzinga.com/general/gaming/24/11/41755109/nintendo-reduces-switch-sales-target-eyes-2025-for-next-gen-console-unveil

China's price-conscious shoppers, hungry for luxury goods, jump on weak yen

Chinese shoppers are opting to make purchases of luxury goods outside China, helped out by sustained depreciation of the Japanese yen.

https://www.scmp.com/economy/global-economy/article/3284813/chinese-consumers-still-hungry-luxury-goods-pounce-weak-yen-feed-cravings

Nxera Pharma Operational Highlights and Consolidated Results for the Third Quarter and First Nine Months of 2024

Tokyo, Japan and Cambridge, UK, 1 November 2024 - Nxera Pharma Co., Ltd. ( "Nxera" or "the Company". TSE 4565 ) - formerly known as Sosei Group or Sosei Heptares - provides an update on operational activities and reports its consolidated results for the third quarter and nine months ended on 30 ...

https://www.globenewswire.com/news-release/2024/11/01/2973144/0/en/Nxera-Pharma-Operational-Highlights-and-Consolidated-Results-for-the-Third-Quarter-and-First-Nine-Months-of-2024.html

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Japanese Yen Price History

27.08.2024 - USD/JPY Forex was down 0.7%

• The bearish movement in the USD/JPY pair can be attributed to cautious signals from the Bank of Japan regarding monetary policy adjustments, hinting at a possible delay in interest rate hikes.
• The rally in Japanese markets, particularly in export stocks like automakers Honda Motor and Toyota, could have diverted investor interest away from the USD/JPY pair, leading to its decline.
• The slight fall in Japanese markets after inflation data may have also contributed to the bearish movement in the USD/JPY pair, reflecting a broader market sentiment that could impact currency movements.
• The Japanese yen slipping to a three-week low against the dollar further indicates a strengthening of the US currency, potentially due to the recent rate cut by the US Federal Reserve and expectations of further cuts, influencing the bearish trend in USD/JPY.

06.10.2024 - USD/JPY Forex was up 0.4%

• Decrease in Nintendo's Switch sales target and talk of a new console might have reduced yen demand, favoring the US dollar.
• Chinese consumers buying luxury items abroad due to the weak yen could have boosted demand for the US dollar, strengthening it against the yen.
• Operational updates and financial results from Nxera Pharma likely did not influence today's bullish movement of the USD/JPY currency pair.

29.01.2024 - USD/JPY Forex was down 0.3%

• The bearish movement in the USD/JPY currency pair could be attributed to growing speculation that the Bank of Japan (BOJ) may abandon its negative interest rate policy soon, potentially strengthening the Japanese yen against the US dollar.
• Despite the bearish movement, the Japanese market reached all-time highs, with the Nikkei 225 index setting records. This positive performance of the Japanese market may have further boosted the strength of the yen.
• The opening of a semiconductor plant in Japan by Taiwan's chip giant TSMC may have also contributed to the bullish sentiment surrounding the Japanese yen, signaling potential economic growth and technological advancements in Japan that attract investors to the yen.

29.03.2024 - USD/JPY Forex was down 0.2%

• The Japanese yen hit its weakest levels since April 1990, falling to 160 against the US dollar, indicating a significant devaluation of the yen.
• The bearish movement in USD/JPY can be attributed to the weakening of the Japanese yen amidst a nervous and illiquid market, with traders testing key levels and stop-loss orders.
• The overall market sentiment was mixed, with Asian shares rising on optimism over the Wall Street tech rally but the yen crumbling against the US dollar, possibly due to concerns about the Federal Reserve policy meeting.
• The USD's surge and the yen's weakness may have been influenced by the broader economic dynamics, including the reemergence of 1980s-style trade policies like the proposed 60% tax on Chinese goods, creating volatility in the currency markets.

26.03.2024 - USD/JPY Forex was up 0.7%

• The Japanese yen reached a new 34-year low against the US dollar following the Bank of Japan's decision to keep interest rates steady. The absence of clear guidance from the BoJ disappointed investors, resulting in a weaker yen.
• The USD/JPY pair achieved a record high as the BoJ began its two-day monetary policy meeting with expectations of maintaining interest rates at zero. This expectation of stability likely boosted the US dollar relative to the yen.
• The drop in the Nikkei Stock Average by 2.16%, driven by profit-taking and negative signals from Wall Street, could have additionally weakened the yen, contributing to the upward momentum of the USD/JPY pair.
• The green loan secured by the State-owned REC from the Italian export credit agency SACE to support eco-friendly projects in India did not have a direct impact on the currency pair but highlighted global financial transactions involving the Japanese yen.

11.06.2024 - USD/JPY Forex was down 1.6%

• The bearish movement of USD/JPY might be linked to the dollar's recovery from a recent low and a slight increase in Treasury yields as investors monitored Federal Reserve Chair Jerome Powell's latest testimony.
• The yen's strength against the dollar could have been influenced by the strong performance of the Japanese market, hitting record highs, thus impacting the bearish trend in the USD/JPY pair.
• Positive market sentiment towards the yen could have been influenced by Sony's stock increase following a merger with Paramount Global and KKR's decision to reduce its stake in Kokusai Electric, both Japanese companies, potentially contributing to the downward movement of USD/JPY.

12.06.2024 - USD/JPY Forex was down 2.0%

• The USD/JPY pair faced a bearish movement as the Japanese yen continued to weaken due to significant interest rate differentials between the Bank of Japan and the Federal Reserve.
• Traders rushed for safe-haven assets like gold, real estate, treasuries, and the yen, anticipating a potential rate cut in September following positive inflation data in the US.
• The record highs in the Japanese markets, with the Nikkei average surpassing 42,000 points for the first time, could have also contributed to the yen's decline as investors may have shifted focus towards Japanese equities.
• The overall cautious market sentiment ahead of the US consumer price index release and the slight recovery of the dollar from a three-week low might have added pressure on the USD/JPY pair, leading to its bearish movement.