USD/JPY cracks to a fresh 2023 high above 148.25 on higher for longer Federal Reserve

<p>Japanese authorities are quick to tell us that they want the yen FX rate to reflect fundamentals. Well, it doesn't get much more fundamental than stark display of monetary policy divergence like a 500-odd bp differential between holding the USD vs. the JPY. And with today's Federal Open Market Committee (FOMC) message of higher for longer, that looks set to persist. </p><p>USD/JPY is at its highest since November of 2022:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.