After a meeting with his Bank of Japan (BOJ) counterpart, the country’s top currency diplomat Masato Kanda told reporters that Tokyo would take appropriate action as needed; a sign that Japan may be edging closer to intervening in the market in a bid to arrest the yen’s declines.
The yen has been battered by traders wagering that the BOJ will stick with its ultra-accommodative policy stance just as the Federal Reserve and other central banks accelerate their tightening to tame soaring inflation.
The yen rallied to as substantial as 133.37 yen per dollar, up 0.7% on the session, before settling at 133.79. On Thursday, it plumbed as weak as 134.56, levels last seen in early 2002.
The yen also rallied versus the euro, with the single currency down 0.8% at 141.65 yen.
Elsewhere on Friday, the dollar inched higher as traders braced for U.S. inflation data that should guide the Federal Reserve’s policy tightening path.
U.S. core consumer price growth should cool a fraction. This could give the Fed some wiggle room to raise rates less aggressively later in the year; as it tries to rein in inflation without tipping the economy into recession.
Markets expect the Fed to announce the second of its three consecutive 50-basis-point interest rate hikes next week.
The dollar index (DXY) measures the greenback against six peers; it rose 0.2% to 103.52; however, it was still up this week as growth concerns encouraged investors to seek safety in the U.S. currency.
On Wednesday, Nio stock declined after it entered fierce market competition with the debut of…
Robinhood has again become central in another meme stock surge. CEO Vlad Tenev shared that…
On Wednesday, Nio introduced the first offering of its new low-priced Onvo brand, the L60…
On Wednesday, cocoa prices spiked due to a lack of liquidity, with open interest in…
On Tuesday, the US Department of Justice (DOJ) revealed that Boeing had violated its obligations…
On Wednesday, wheat futures spiked as the winter season’s grains entered their late growth stages…
This website uses cookies.