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Forex outlook: Markets eye Iran situation and BOJ meeting
The dollar-yen exchange rate in the foreign exchange market from tonight through tomorrow is likely to be influenced by the Iran situation and the Bank of Japan's Monetary Policy Meeting. The expected range is 158.60-159.80 yen per dollar.
Axios, a U.S. news site, reported this morning Japan time that Iran presented a new proposal to the United States through Pakistan regarding the reopening of the Strait of Hormuz and ending the war. In response, dollar-selling and yen-buying intensified as "flight-to-dollar in emergencies" unwound. The dollar temporarily weakened to the 159.10 yen level. Amid this, market reactions in tonight's U.S. trading session are drawing attention. Additionally, tomorrow the Bank of Japan will announce the results of its Monetary Policy Meeting. The Outlook Report will also be released simultaneously. While monetary policy is expected to remain unchanged, market reactions including Governor Ueda's press conference are being closely watched.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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