Japanese Yen Weakens Further as US Jobless Claims Hold Steady
USD/JPY edges higher near 158.20 for the fourth straight session, reversing some of last week's losses after coordinated Japan-US intervention.
The Japanese yen extended its decline against the dollar on Thursday, with USD/JPY climbing to around 158.20. This marks the fourth consecutive session of yen softness, partially retracing the sharp gains the currency made last week when Japan and the US took coordinated action to stem the yen's slide.
Steady US initial jobless claims data reinforced the view that the US labor market remains tight, keeping the Federal Reserve on hold and supporting the greenback. The resilient claims figure offered no immediate signal of economic softening that would pressure the dollar.
The move in USD/JPY suggests the market is gradually absorbing the impact of the recent verbal and possible actual intervention, as rate differentials between the US and Japan continue to weigh on the yen.
Source: FXStreet Forex News