AUD/JPY extends its downside near 94.25 in Monday’s early European session, down 0.18% on the day.
Economists expect the BoJ to raise interest rates further by the end of this year.
The concerns about the Chinese economic slowdown further weigh on the China-proxy AUD.
The AUD/JPY cross extends decline around 94.25 on Monday during the early European session. The stronger Japanese Yen (JPY) and the hawkish vibes ahead of the key Bank of Japan (BoJ) interest rate decision on Friday drag the cross lower.
The BoJ will likely not raise interest rates at its September policy meeting on Friday, but a majority of economists in a Reuters poll still expect a hike by year-end. This, in turn, supports the JPY and weighs on the AUD/JPY cross. Junki Iwahashi, senior economist at Sumitomo Mitsui Trust Bank, noted that the Japanese central bank is anticipated to proceed cautiously with rate hikes at a pace of about once every six months while assessing the impact of monetary tightening on the domestic economy.
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