USD/JPY pressured as LDP's Kono calls for BOJ rate hikes to support yen
USD/JPY remains under pressure at 149.35 following comments from Japan's ruling LDP member Taro Kono advocating for higher interest rates to strengthen the yen. Kono, who has consistently pushed for monetary policy normalization, reiterated his stance that the Bank of Japan needs to raise rates to bolster the currency's value. His comments add to growing expectations that the BOJ will continue its gradual tightening cycle, having already exited negative rates earlier this year. Markets are pricing a 60% probability of another 25 basis point hike by December. The policy divergence between an increasingly hawkish BOJ and a potentially dovish Fed is creating a favorable environment for yen strength. USD/JPY faces immediate resistance at 150.00, while support lies at 148.80. A break below could target the 147.50 level as yen bulls gain momentum.
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