The USD/JPY pair declined sharply due to disappointing U.S. job data, increasing expectations for a Federal Reserve interest rate cut, and rising global economic concerns.
With U.S. Treasury yields falling to 3.757%, the drop in bond yields has directly impacted the USD/JPY ratio, demonstrating the strong correlation between yield movements and currency performance.
Risk aversion in the foreign exchange market has led to safe-haven currencies gaining strength, contrasting with the decline of risk-sensitive currencies amid rising fears about global growth.
Concerns about global economic growth are pushing investors towards safe havens, indicating ongoing pressures on the USD/JPY currency pair until the upcoming Federal Open Market Committee meeting.
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