JPY softens to fresh multi-month lows – Scotiabank

FXStreetNov 20, 2025 1:56 PM

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The Japanese Yen (JPY) is soft, down a marginal 0.1% against the US Dollar (USD) as it extends its decline to fresh multi-month lows at levels last seen in January, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

JPY descends to fresh lows on fiscal/monetary concerns

"Market participants remain concerned about Japan’s macro outlook with a focus on PM Takaichi’s expansionary fiscal plans and risks to the BoJ’s independence given the government’s recent efforts at cooperation. Markets are continuing to soften their expectations for BoJ tightening, fading the chance of a December hike while boosting bets for tightening in early 2026."

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