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fxJul 3, 2026, 8:26 AM

Commerzbank: Softer US Jobs Data Supports Japanese Yen

Commerzbank analysts note that weaker US non-farm payrolls and reduced Fed rate hike expectations weighed on the Dollar, supporting the Japanese Yen. USD/JPY fell sharply as markets repriced rate expectations.

USDJPY

Commerzbank analysts Charlie Lay and Dr. Henry Hao attribute the yen's strength to softer US labor market data. Weaker-than-expected non-farm payrolls reduced expectations for further Fed rate hikes, putting pressure on the US dollar.

USD/JPY declined sharply as markets priced in a smaller cumulative rate increase by the end of the year. The analysts also flagged speculation about possible FX intervention, though details were not disclosed in the note.

Source: FXStreet Forex News