USD/JPY slides below 136.00, fresh weekly low amid reviving safe-haven demand, weaker USD – by hareshmenghani USDJPY Recession Fed Majors Currencies
selling pressure for the second successive day on Wednesday. The downfall remains uninterrupted through the early European session and drags spot prices below the 136.00 mark, or a fresh weekly low in the last hour.
Concerns that several other regional US lenders were facing solvency issues fuel worries about a full-blown banking crisis and boost demand for traditional safe-haven assets, including the Japanese Yen , This, in turn, drags the USD/JPY pair lower amid the ongoing US Dollar retracement slide from a three-week top touched on Tuesday. The overnight release of the US Job Openings and Labor Turnover Survey indicated that the ultra-tight US job market is loosening.
That said, a big divergence in the monetary policy stance adopted by the Bank of Japan and the Federal Reserve could help limit the downside for the USD/JPY pair, at least for the time being. It is worth recalling that BoJ Governor Kazuo Ueda said last week that the risk from tightening too hastily is larger than monetary policy falling behind the curve and added that it will be appropriate to continue monetary easing to achieve the 2% inflation target.
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