AUD/JPY drops to near 102.00 after RBA’s decision to keep its policy rate unchanged

AUD/JPY struggledafter the RBAdecidedto keep the policy rate unchanged at 4.35% on Tuesday. Analysts from Commonwealth Bank and Westpac forecast that the RBA's interest rate could have reached its peak at 4.35% in November 2023. The safe-haven JPY faced challengesdue to the prevalent risk appetite. AUD/JPY tradesaround 102.20 during the Asian trading hours on Tuesday.

Meanwhile, the risk-on sentiment persists, exerting pressure on safe-haven currencies such as the Japanese Yen . Masato Kanda, Japan's top currency diplomat, hinted at possible measures to address excessive market fluctuations earlier on Tuesday. Last week, the Japanese Yen saw appreciation amidst speculation of government intervention by Japanese authorities. Reuters reported data from the Bank of Japan suggesting that Japanese authorities might have allocated around ¥6.

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