The Japanese yen strengthened to approximately 150.3 per dollar on Friday, reaching near two-week highs. This movement followed a statement from Bank of Japan Governor Kazuo Ueda, who indicated that the central bank might consider raising interest rates if confidence in the economic outlook improves. Ueda mentioned that he would assess upcoming data before this month's policy meeting, implying that the BOJ remains open to a potential rate adjustment despite persistent political uncertainty and risks posed by US tariffs. Nevertheless, market expectations for a rate hike during the October meeting remain low. Investors are also closely monitoring political developments, as opposition parties have yet to align on the ruling Liberal Democratic Party's proposal to hold a vote for a new prime minister on October 21. Additionally, the yen received further support from safe-haven demand and a weakening dollar, influenced by escalating US-China trade tensions, the ongoing US government shutdown, and dovish indications from the Federal Reserve.
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