Epic Research Singapore : Forex Market Update

The dollar rose to its highest level against the Japanese yen since mid-January on Tuesday as investors weighed decreasing monetary stimulus in the U.S. with an increase in the Japanese consumption tax that could pave the way for further easing in Japan.

The dollar USDJPY +0.1601%  rose to ¥103.70 from ¥103.23 late Monday. That’s the highest level since Jan. 22. The consumption tax in Japan was boosted to 8% from 5% on Tuesday, marking the second increase in that tax rate ever. The Bank of Japan’s Tankan survey showed expectations of a sharp drop in sentiment for the year.

Yen losses Tuesday were also linked to broader market movements, according to Lynch. The S&P 500 SPX +0.70%   hit an intraday record while Japan’s Nikkei Average JP:NIK +1.72%  closed 0.2% lower.

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