The Bank of Japan (BoJ) may hold an unscheduled meeting to address weakness in the Yen. Bruegel Senior Fellow Alicia Garcia Herrero suggests that the BoJ could consider quantitative tightening to support the Yen, rather than intervention.
Investors are also keeping an eye on upcoming US economic data, particularly the JOLTs Job Openings Report. Economists predict a decrease in job openings from 8.059 million in April to 7.900 million in May. A significant drop in job openings could signal a weakening labor market, impacting wage growth and consumer spending.
Additionally, economists anticipate a slight decrease in job quits from 3.507 million to 3.500 million. In uncertain job markets, workers are likely to hold onto their current positions, leading to fewer quits.
Job openings have been declining for four consecutive months, with May 2023 seeing openings at 9.824 million. The outcome of the JOLTs report could impact investor expectations for a potential Fed rate cut in September.