Japanese yen rises after BOJ’s Ueda says rate hike possible with economic progress.

 The Japanese yen strengthened on Wednesday after the Bank of Japan (BOJ) Governor Kazuo Ueda indicated that the central bank may consider raising interest rates if economic and price conditions continue to improve.

Ueda stated that the timing of interest rate hikes will largely depend on the economic policies of the new U.S. administration and the progress of this year’s wage negotiations in Japan.

The yen’s USD/JPY pair fell 0.4% on Wednesday, meaning the yen strengthened 0.4% against the U.S. dollar.

Source: INVESTING