The January 21st Jinshi data shows that, according to foreign media analysis, the yen fell sharply against the dollar by more than 100 points during the Asian session. Trump’s tariff remarks triggered a substantial rebound in the dollar, which was a key factor in the yen’s intraday decline. However, the shift in global risk sentiment provided some support for the safe-haven yen. In addition, the firm expectation of a rate hike at the monetary policy meeting of the Japan Central Bank later this week also helped to limit any sharp depreciation of the yen. At the same time, the continuous rise in bets on a Fed rate cut has led to a recent decline in US Treasury yields. As a result, the US-Japan interest rate spread has narrowed, hindering traders from making aggressive bearish bets on the yen, thereby limiting the positive trend of the dollar against the yen during the session.
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