According to Jinshi, the U.S. dollar/Japanese yen USD/JPY broke through 159 on Friday to reach an eight-week high as the Federal Reserve's patient attitude towards rate cuts contrasted with the more dovish stance of other central banks. The U.S. dollar index climbed 0.41% overnight and turned positive on a weekly basis, while the yen continued to be sluggish after the Bank of Japan decided last week to postpone reducing its bond-buying stimulus until after the July meeting. IG market analyst Tony Sycamore said that as a result, "traders punished the yen with new enthusiasm," pushing the yen below the closely watched 159 level. Sycamore said, "The Bank of Japan's timetable is clearly out of sync with the market, and this inconsistency may force the Bank of Japan to act earlier than it might otherwise need to support the yen through foreign exchange market intervention."
