The Japanese yen remained steady at around 150 per dollar on Monday, continuing to trade within a narrow range over the past week as investors processed a revision to Japan's economic growth data.
Yen stable as Japan’s growth beats expectations
The final figures showed that Japan's economy grew by 0.3% quarter-on-quarter in the three months to September, exceeding the preliminary estimate and market expectations of 0.2%. Alongside stronger-than-expected wage data from last week, these economic indicators support a more hawkish outlook for the Bank of Japan’s monetary policy. However, there is still uncertainty over the timing of the next rate hike, with some analysts predicting it could happen in December, while others expect it in January.
BOJ officials split on rate hike amid economic concerns
Recently, BOJ Governor Kazuo Ueda noted that a rate hike is likely, as the economy is performing as expected. Still, BOJ board member Toyoaki Nakamura raised concerns about the sustainability of wage growth and pointed to signs of economic weakness.
