In the near term and according to the performance on the hourly chart, it appears that the USDJPY is trading within the formation of a sharp descending channel.
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rebound against all the other major currencies, as the stronger safe haven and the US Federal Reserve's hawkish policy provide it with more impetus.In contrast, Tokyo's inflation rate exceeded expectations to record its fastest rate since 1982, an acceleration that indicates that price growth nationwide will also accelerate in November after months of a weak yen and higher energy costs. Japan's consumer prices excluding fresh food rose 3.6% in the capital, Tokyo, in November.
This means that the Bank of Japan is likely to stick to ultra-low interest rates for the remainder of Kuroda's term. Market speculation is largely focused on what will happen after the portfolios leave in April. Real wages have fallen since April, adding to factors affecting consumers' purchasing power and contributing to the Bank of Japan's concerns that an early rise in interest rates could upset the economy. To mitigate the impact of rising prices on consumption, Japanese Prime Minister Fumio Kishida put in place an economic stimulus package last month, funded in part by an additional budget of 29.1 trillion yen .
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