USD ignores softer Tokyo CPI with focus on spreads & US PCE – Scotiabank

FXStreetSep 26, 2025 12:10 PM

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The Japanese Yen (JPY) is trading defensively in an environment of broad-based USD strength, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

JPY remains steady on the day

"Risk is elevated into the US PCE release, as the outlook for relative central bank policy continues to dominate. The overnight release of softer Tokyo CPI data appears to have had little impact in terms of price action, and comments from the BoJ remain hawkish with minutes from the July meeting signaling a desire to end the bank’s ‘wait and see mode’."

"For USDJPY, we look to near-term resistance around 150 and the August 1 high just below 151.00."

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