Asian Shares Edge Up as Investors Monitor U.S. Inflation Data
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The USD/JPY exchange rate dropped to 151.00 in Friday's late European session following the release of Japan's hot February inflation data. Japan's annual National headline Consumer Price Index (CPI) grew at a stronger pace of 2.8% compared to the prior release of 2.2%. The Bank of Japan's (BoJ) preferred inflation measure, which excludes fresh food, also rose by 2.8%, in line with expectations. The strong inflation numbers have improved investor confidence in the BoJ's decision to pivot to policy normalization .
The rise in Japanese inflation has led to a drop in the USD/JPY exchange rate. The USD Index, which measures the value of the US dollar against a basket of major currencies, reached a monthly high of 104.44 as investors hope that the Federal Reserve (Fed) won't be as aggressive w...
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