JPY Value Rises Against USD in conjunction with the Thanksgiving holiday
Japanese Yen saw gains against the US Dollar during the Thanksgiving holiday which slowed trading volume. The release of the minutes of the October Federal Reserve meeting, which showed a hawkish sign, made the US Dollar rise in the short term, including on the Yen. However, market expectations suggest that inflation will continue to decline, potentially leading to a Fed rate cut for the first term of next year, affecting the US Dollar.
On the Yen side, Tokyo downgraded their economic outlook, halting Japan's post-Covid recovery activities for a short period due to weak demand. Additionally, the Bank of Japan's (BOJ) accommodative policy and rising inflation are showing some support for the Yen, but concerns over local demand conditions may weigh on trading sentiment.
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