USD/JPY consolidates around 153.60 amid divergence – BBH

FXStreetNov 5, 2025 12:22 PM

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USD/JPY remains around 153.60 as Japan’s on-hold policy stance keeps the pair elevated despite yield-based valuation concerns, BBH FX analysts report.

Japan official flags overstretched Yen vs. US yields

"USD/JPY is directionless around 153.60. Japan Vice Finance Minister for International Affairs, Atsushi Mimura, highlighted that USD/JPY is trading above the level implied by US-Japan bond yield differentials. We agree."

"However, the Bank of Japan’s on-hold policy stance means this divergence is unlikely to close anytime soon. The swaps market continues to see 50% odds of a December 25bps rate hike to 0.75%, with a full 25bps move priced for January/March."

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