USD/JPY softens to near 160.55 in Thursday’s early Asian session.
US CPI inflation climbed to a three-year high at 4.2% in May.
Japanese officials signaled their willingness to take strong measures to address the Japanese Yen's decline.
The USD/JPY pair edges higher to around 160.55 during the early Asian session on Thursday. The Japanese Yen (JPY) weakens to a near six-week low against the US Dollar (USD) after a hot US inflation report fuels expectations for higher-for-longer US Federal Reserve (Fed) interest rates. Markets are on high alert for foreign-exchange intervention by Japanese authorities.
US inflation accelerated in May to the fastest pace in more than three years as the war in Iran pushed up energy prices, the US Bureau of Labor Statistics (BLS) revealed on Wednesday. The US Consumer Price Index (CPI) rose 4.2% YoY in May, compared to 3.8% in April. This figure came in line with the market expectation. $BTC
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