JPY Continues Its Descent: Overview for January 23, 2024

<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/USDJPY_17-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="USD/JPY analysis today" style="margin-bottom: 15px;" decoding="async" loading="lazy" /></div><p>The <a href="https://roboforex.com/beginners/info/charts/forex/usdjpy/" data-internallinksmanager029f6b8e52c="40" title="USD/JPY">USD/JPY</a> pair is gradually resuming its upward trajectory.</p>

<p>The Japanese yen, in conjunction with the US dollar, is poised for further decline, with the current USD/JPY exchange rate at 148.10.</p>

<p>During the January meeting, the Bank of Japan upheld its ultra-accommodative monetary policy, maintaining the <a href="https://blog.roboforex.com/blog/2019/10/22/trading-news-how-to-earn-on-interest-rates/" data-internallinksmanager029f6b8e52c="90" title="Interest rate">interest rate</a> at -0.10% per annum.</p>

<p>The Central Bank refrained from modifying its credit and monetary policy framework and refrained from offering guidance on future measures. Concurrently, the BoJ revised down its <a href="https://blog.roboforex.com/blog/2022/06/30/what-is-inflation-reasons-and-consequences/" data-internallinksmanager029f6b8e52c="220" title="Inflation">inflation</a> projections for the upcoming fiscal year starting in April.</p>

<p>The seismic event that occurred in Japan in January has deferred the Bank of Japan's plans to tighten monetary conditions. For the yen, the absence of alterations is interpreted as an unfavorable signal.</p>

<p>The earliest possible <a href="https://blog.roboforex.com/blog/2020/05/21/how-to-choose-a-timeframe-for-trading/" data-internallinksmanager029f6b8e52c="135" title="Timeframe">timeframe</a> for the BoJ to reconsider the prospect of an interest rate hike is April.</p>

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