The Japanese yen resumed its decline against the U.S. dollar as mixed opinions among BoJ officials on interest rate hikes add to market volatility and currency weakness.
With ongoing market volatility and cautious approaches from the Bank of Japan regarding interest rates, expectations for a December rate hike have significantly diminished.
Political instability related to Prime Minister Shigeru Ishiba's leadership following a parliamentary majority loss is likely to exacerbate the bearish sentiment concerning the yen.
The combination of economic policy uncertainties and political instability in Japan point to a medium-term bearish outlook for the yen, especially against the strengthening U.S. dollar.
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