[Market Overview] Tokyo FX Outlook: USD/JPY Seen Holding Firm on FOMC Rate-Hike Expectations; Caution Warranted Over Possible Repeat of October 2023

The story

USD/JPY is expected to hold firm, with expectations of a rate hike by the FOMC cited as the backdrop. Market participants say speculation about a U.S. rate hike could weigh on the yen's upside.

Some also warn that October 2023 could be repeated, focusing attention on whether the market pattern of the past will recur. Developments in U.S. interest rates and the release of economic data are expected to influence USD/JPY movements.

At a glance

DateSome warn that a repeat of October 2023 may be in store

BiasUSD/JPY is seen holding firm on expectations of a rate hike by the FOMC

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