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29 Apr 2025

USD/JPY holds above 142.00 ahead of US JOLTS Job Openings data, BoJ policy eyed

  • USD/JPY stays above 142.00 as the US Dollar ticks higher ahead of key US JOLTS Job Openings data for March.
  • US Bessent has stated that Chin should be the one to initiate trade talks.
  • Investors expect the BoJ to keep interest rates steady on Thursday.

The USD/JPY pair ticks higher to near 142.30 during the North American session on Tuesday. The pair edges up as the US Dollar (USD) steadies ahead of the United States (US) JOLTS Job Openings data for March, which will be published at 14:00 GMT.

The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, is marginally higher around 99.10.

Economists expect US employers to have posted 7.5 million fresh jobs, marginally lower than 7.56 million seen in February. Steady growth in US new job data is unlikely to fluctuate market expectations for the Federal Reserve’s (Fed) monetary policy outlook significantly. According to the CME FedWatch tool, the Fed is expected to keep interest rates in the current range of 4.25%-4.50% in the May policy meeting.

This week, investors will pay close attention to a slew of US economic data, including Nonfarm Payrolls (NFP), which will be released on Friday.

Meanwhile, diminishing fears of a de-escalation in the trade war between the US and China will keep the US Dollar on the backfoot. Investors have started doubting whether trade discussions between Washington and Beijing are underway after US Treasury Secretary Scott Bessent signaled on Monday that China should be the one to initiate trade talks. “I believe that it’s up to China to de-escalate, because they sell five times more to us than we sell to them, Bessent said in an interview on CNBC’s Squawk Box.

In the Asia-Pacific region, investors await the Bank of Japan’s (BoJ) interest rate decision, which will be announced on Thursday. The BoJ is expected to keep interest rates steady at 0.5%. Investors will pay close attention to commentary on the monetary policy guidance. Market participants want to know whether hopes of interest rate hikes are still alive in the face of the tariff policy announced by US President Donald Trump.

Economic Indicator

BoJ Interest Rate Decision

The Bank of Japan (BoJ) announces its interest rate decision after each of the Bank’s eight scheduled annual meetings. Generally, if the BoJ is hawkish about the inflationary outlook of the economy and raises interest rates it is bullish for the Japanese Yen (JPY). Likewise, if the BoJ has a dovish view on the Japanese economy and keeps interest rates unchanged, or cuts them, it is usually bearish for JPY.

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Next release: Thu May 01, 2025 03:00

Frequency: Irregular

Consensus: 0.5%

Previous: 0.5%

Source: Bank of Japan

Apr 29, 2025

US Treasury Sec. Bessent: Trump creating strategic uncertainty in negotiations

United States (US) Treasury Secretary Scott Bessent said on Tuesday that President Donald Trump is creating "strategic uncertainty" in trade negotiations, per Reuters.
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Apr 29, 2025

United States JOLTS Job Openings below expectations (7.5M) in March: Actual (7.192M)

United States JOLTS Job Openings below expectations (7.5M) in March: Actual (7.192M)
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