The Japanese yen fell in Asian trade on Monday against major rivals, moving in a negative zone for the second straight day against the dollar and approaching multi-week lows on speculation about the Bank of Japan’s policy meeting this week.

The BOJ is expected to maintain interest rates unchanged amid growing concerns about outside economic risks, with traders awaiting more clues on the path of policy tightening this year.

The Price

The USD/JPY rose 0.3% today to 149.06 yen per dollar, with a session-low at 148.46.

The yen fell 0.55% on Friday against the dollar, marking the third loss in four sessions on profit-taking away from a five-month high at 146.54.

The yen lost 0.4% last week against the dollar, marking  the second weekly loss in three weeks as US yields rebounded with haven demand on yen flattened. 

The BOJ

The Bank of Japan is convening this week to discuss monetary policies, expected to maintain interest rates unchanged at 0.5%, the highest since 2008.

BOJ policymakers will discuss the impact of the US trade war on Japan’s export based economy, which will determine the timing of the next interest rate hike.

Concerns about a global economic slowdown prompted by US President Trump’s tariffs could weigh on Japanese wages and consumer prices, which are approaching the 2% target.

BOJ Governor Kazuo Ueda stated ahead of the Diet last week that he expects a revival in consumption, but he remains very concerned about outside economic uncertainty. 

Reuters reported that BOJ policymakers believe the economy is on the right track but global economic uncertainties could impact the timing of the next BOJ rate hike.

US Yields

US 10-year treasury yields rose 0.25% on Monday, extending gains for the second session and expanding investments in the dollar.

It comes ahead of the Federal Reserve’s policy meeting this week, expected to maintain interest rates unchanged. 

Most cryptocurrencies gained ground on Friday as crypto demand rallied following a steep correction that hit stocks and many other assets worldwide due to concerns about US recession.

Earlier data from the Michigan University showed the US consumer confidence index fell 10.5% in March to 57.9, down from 64.7 in February.

Senate Democratic leader Chuck Schumer said on Thursday he’ll vote in favor of a temporary finance bill, with the Democratic Party providing the necessary votes to avoid a government shutdown. 

Sentiment was boosted after US President Donald Trump’s assertions about a strong chance for a Ukraine-Russia ceasefire following “constructive discussions” with Russian President Vladimir Putin. 

Trump recently threatened the EU with even more tariffs after the EU imposed retaliatory tariffs on a variety of US products in response to Trump’s 25% tariff on steel and aluminum.

Trump extends his annexation taunts both towards Greenland and Canada.

Ethereum

On trading, ethereum rose 3.4% on Coinmarketcap as of 20:21 GMT to $1919.6, but marked a weekly loss of 11.75%.

Sterling fell against most major rivals on Friday following forecast-missing data. 

UK GDP growth shrank 0.1% in January, missing estimates of a 0.1% rise.

GBP/USD fell 0.2% today as of 20:16 GMT to $1.2932.

Aussie

The Australian dollar rose 0.7% against its US counterpart as of 20:17 GMT to 0.6327.

US Dollar

The dollar index fell 0.1% as of 19:54 GMT to 103.7, with a session-high at 104.09, and a low at 103.5.

Earlier data from the Michigan University showed the US consumer confidence index fell 10.5% in March to 57.9, down from 64.7 in February.

Senate Democratic leader Chuck Schumer said on Thursday he’ll vote in favor of a temporary finance bill, with the Democratic Party providing the necessary votes to avoid a government shutdown. 

Sentiment was boosted after US President Donald Trump’s assertions about a strong chance for a Ukraine-Russia ceasefire following “constructive discussions” with Russian President Vladimir Putin. 

Gold prices rose on Friday to fresh record highs with the precious metal surpassing $3000 for the first time ever.

It comes amid growing geopolitical tensions and high demand from central banks, with China increasing its gold reserves for the fourth straight month in February.

Earlier data from the Michigan University showed the US consumer confidence index fell 10.5% in March to 57.9, down from 64.7 in February.

Senate Democratic leader Chuck Schumer said on Thursday he’ll vote in favor of a temporary finance bill, with the Democratic Party providing the necessary votes to avoid a government shutdown. 

Sentiment was boosted after US President Donald Trump’s assertions about a strong chance for a Ukraine-Russia ceasefire following “constructive discussions” with Russian President Vladimir Putin. 

Otherwise, the dollar index fell 0.1% as of 19:54 GMT to 103.7, with a session-high at 104.09, and a low at 103.5.

On trading, gold April futures rose 0.4%, or $9.8 to $3001 an ounce, a record high, with a weekly profit of 3%.