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☆ Markets wary of intervention as yen struggles at 155 level
▼ + stars: | 2024-04-25 | by ( ) www.cnbc.com time to read: +3 min

Having traded in a tight range over the past few days, a buoyant dollar finally broke above the 155 yen level for the first time since 1990 in the previous session, and was last steady at 155.34 yen in early Asia trade. The breach of the 155 yen level comes as the BOJ meets to discuss monetary policy, though expectations are for the central bank to keep its short-term interest rate target unchanged following last month's landmark exit from negative rates. "We expect the BOJ meeting to deliver a marginally hawkish hold outcome," said Carl Ang, fixed income research analyst at MFS Investment Management. Continued expectations of gradual policy tightening and a low terminal policy rate make it difficult for the yen to appreciate significantly, even if at historically depressed levels." The dollar steadied at 105.79 against a basket of currencies, pulling away from a nearly two-week low hit in the previous session.

Persons: Carl Ang, Kazuo Ueda, Justin Smirk Organizations: Bank of Japan, MFS Investment Management, Reserve Bank of Australia, Westpac, New Zealand Locations: Tokyo, Asia, Australia

☆ Firm dollar drags yen down closer to intervention range
▼ + stars: | 2024-04-23 | by ( ) www.cnbc.com time to read: +4 min

A firm U.S. dollar had the yen locked near a fresh 34-year low on Tuesday, keeping investors on heightened intervention watch as they looked ahead to key U.S. inflation report and the Bank of Japan's rate decision this week. A firm U.S. dollar had the yen locked near a fresh 34-year low on Tuesday, keeping investors on heightened intervention watch as they looked ahead to key U.S. inflation report and the Bank of Japan's rate decision this week. Traders have been keeping wary eye as yen slips towards 155.00, a level considered by many participants as the new trigger for intervention by Japanese authorities. The weak yen complicates the BOJ's policy path, with some market players betting the central bank could come under pressure to hike rates sooner than it wants to slow the currency's decline. Markets are currently pricing in a 46% chance of the Fed's first rate cut starting in September, with November not far behind at 42%, according to the CME FedWatch Tool.

Persons: Carol Kong, Shunichi Suzuki, BoE, Sterling, bitcoin Organizations: Bank of, Traders, Bank of Japan's, Commonwealth Bank of Australia, Japan's Finance, Federal Reserve, Investors, Commonwealth Bank of Australia's, European Central Bank, Bank of England Locations: Japan, Iran, Israel, Tokyo, Japan's, U.S, Commonwealth Bank of Australia's Kong

☆ Japan and South Korea could coordinate currency intervention, but they may need U.S. support
▼ + stars: | 2024-04-22 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

SeongJoon Cho | Bloomberg via Getty ImagesInvestors have been monitoring for potential intervention in the Japanese yen, but recent comments have triggered discussion about "coordinated intervention" with South Korea. The currency has struggled, slipping past 150, since the Bank of Japan raised rates in March. Following that volatility, the U.S. last week acknowledged Japan and South Korea's "serious concerns" over the recent sharp depreciation in their currencies. The comments spurred chatter about possible coordinated currency intervention. Brady said South Korea and Japan could amplify their individual messages to the market by coordinating policy, which might also enhance the short-term impact compared to unilateral action.

Persons: SeongJoon Cho, James Brady, Brady Organizations: Korean, Woori, Bloomberg, Getty, U.S ., Bank of, South Korean, greenback, Authorities, Treasury, Bank of Japan Locations: Seoul, South Korea, Bank of Japan, U.S, Japan, South, Tokyo, Bank of Korea

☆ Currencies calm but cautious after a weary week
▼ + stars: | 2024-04-22 | by ( ) www.cnbc.com time to read: +3 min

U.S. one hundred dollar bills are being shown in this picture illustration taken in Buenos Aires, Argentina, on Dec. 15, 2023. Eyes are on the yen this week, with the Bank of Japan's, or BOJ, Friday policy review the notable item on the economic calendar. The yen has been one of the biggest losers against the dollar this year, with losses mounting to 9%. The ECB's Robert Holzmann, however, said the ECB probably will not cut rates this year as much as planned if the Fed does not move. BoE Governor Andrew Bailey and Deputy Governor Dave Ramsden alluded last week to Britain's inflation slowing as expected.

Persons: Chris Weston, Weston, Kazuo Ueda, BoE, ECB policymaker Madis Muller, Christine Lagarde, Robert Holzmann, BoE Governor Andrew Bailey, Dave Ramsden, Sterling, Bitcoin Organizations: U.S ., Bank of Japan's, Federal Reserve, Monetary Fund, Bank, Washington , Bank of Japan, European Central Bank, Bank of England, ECB policymaker, ECB, Treasury Locations: Buenos Aires, Argentina, East, Tehran, Iran, Washington, United States, Japan, South Korea, Washington ,, U.S

☆ The US dollar is strengthening. Here’s what’s driving the rally and what it means for Americans
▼ + stars: | 2024-04-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

What does the dollar rally mean internationally? The US Commerce Department releases March figures on new orders for durable goods. The US Commerce Department releases its first estimate of first-quarter gross domestic product. The US Labor Department reports the number of new applications for unemployment benefits in the week ended April 20. The US Commerce Department releases March figures on household spending, income and the Fed’s preferred inflation gauge.

Persons: it’s, Michelle Bowman, Bell, Claudio Irigoyen, It’s, Samantha Delouya, ”, eMarketer, Ross Benes, Wall, Read, Lockheed Martin, Raymond James, Northrop Organizations: Washington CNN, Federal Reserve, Bank of America, Netflix, Verizon, Truist, Albertsons, The Chicago Fed, Visa, Tesla, Pepsico, Novartis, UPS, Lockheed, Banco Santander, Spotify, General Motors, Halliburton, Global, US Commerce Department, Meta, IBM, Boeing, Chipotle, Hilton, Ford, Hasbro, Whirlpool, Wyndham, Microsoft, Mobile, Caterpillar, Comcast, Intel, P Global, Honeywell, Gilead, Northrop Grumman, Valero, Capital, Nasdaq, Southwest Airlines, American Airlines, Citizens Financial, US Labor Department, National Association of Realtors, Bank of Japan, Exxon Mobil, Chevron, HCA Healthcare, Colgate, Palmolive, Phillips, Charter Communications, University of Michigan Locations: Europe, Japan, China, Roku

☆ Japan's March inflation slows to 2.6%, eyes are now on Bank of Japan move
▼ + stars: | 2024-04-19 | by ( ) www.cnbc.com time to read: +1 min

Japan's core inflation slowed in March due to mild rises in food prices while staying comfortably above the central bank's 2% target, government data showed on April 19, 2024. Japan's core inflation slowed in March due to mild rises in food prices while staying comfortably above the central bank's 2% target, government data showed on Friday. The nationwide core consumer price index (CPI), which excludes fresh food items, rose 2.6% in March from a year earlier after rising 2.8% in February. The "core core" index, which excludes both fresh food and energy costs and is closely watched by the Bank of Japan as a key gauge of broader inflation trends, rose 2.9% after increasing 3.2% in February. The BOJ has said a virtuous cycle of sustained, stable achievement of its 2% price target and strong wage growth was crucial for normalizing policy.

Organizations: Bank of Japan

☆ Aussie, New Zealand dollars tumble on risk-off moves; yen rises
▼ + stars: | 2024-04-19 | by ( ) www.cnbc.com time to read: +4 min

The risk-sensitive Australian dollar tumbled 0.8% to $0.6370, and the New Zealand dollar fell 0.63% to $0.5864. ABC News reported late on Thursday that Israeli missiles have hit a site in Iran, citing a U.S. official. The shift in rate expectations has come on the back of a slew of resilient U.S. economic data that has repeatedly surpassed expectations, alongside still-sticky inflationary pressures. "Although policy easing may arrive a bit later than previously expected, we still believe the FOMC will start cutting rates before the year is out," said economists at Wells Fargo. Against a basket of currencies, the greenback rose 0.1% to 106.28, hovering near a more than five-month high of 106.51.

Persons: Carol Kong, I'm, Kazuo Ueda, it'll, CBA's, Jerome Powell Organizations: New, Hamas, U.S ., U.S, New Zealand, ABC News, Commonwealth Bank of Australia, Bank of Japan, European Central Bank, ECB Locations: New Zealand, Iran, United States, Japan, South Korea, U.S, CBA's Kong, Wells Fargo

☆ Dollar firms, yen skids as Fed cut wagers crumble
▼ + stars: | 2024-04-11 | by ( ) www.cnbc.com time to read: +4 min

U.S. one hundred dollar bills are being shown in this picture illustration taken in Buenos Aires, Argentina, on Dec. 15, 2023. Japan intervened in the currency market three times in 2022 as the yen slid toward what was then a 32-year low of 152 to the dollar. The Japanese central bank last month ended eight years of negative interest rates but yen has remained rooted near 151 per dollar levels since then. The euro was last at $1.0744, having dropped 1% on Wednesday ahead of the European Central Bank, or ECB, meeting later in the day. The Australian dollar was little changed at $0.651, while the New Zealand dollar eased 0.17% to $0.598.

Persons: Masato Kanda, Kyle Rodda, Rodda, Kazuo Ueda, Kevin Cummins, Sterling Organizations: Fed, Reuters, Bank of, Bank of Japan, Federal Reserve, U.S, NatWest, Treasury, European Central Bank, ECB, New Zealand Locations: Buenos Aires, Argentina, Tokyo, Japan, Bank of Japan, U.S

☆ Dollar firm, yen under watch ahead of key US CPI release
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: +3 min

The Japanese yen and U.S. dollar on display in Yichang, Hubei province, Nov 13, 2023. The inflation data follows a strong jobs report last Friday that blew past forecasts, raising questions on how soon and how much the central bank will cut rates this year. On the yen, Wednesday's CPI data will be "a big test for Japanese authorities," Kong added. The U.S. dollar index , which measures the greenback against six rivals, held firm at 104.12. The kiwi climbed as high as $0.6077 versus the U.S. dollar, its strongest since March 21, before flattening at $0.60595.

Persons: Carol Kong, Kong, Kazuo Ueda, Sterling, bitcoin Organizations: U.S, Reserve Bank of New, Commonwealth Bank of Australia, Bank of Japan, Reserve Bank of New Zealand, U.S ., Treasury, Traders, European Central Bank, ECB Locations: Yichang, Hubei province, Reserve Bank of New Zealand, U.S, China

☆ The Japanese economy 'would not mind higher interest rates': Strategist
▼ + stars: | 2024-04-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Japanese economy 'would not mind higher interest rates': StrategistAmir Anvarzadeh of Asymmetric Advisors discusses why he thinks the Bank of Japan needs to abolish it's yield curve control policy and says the zero-interest rate environment has depressed bank lending to small and medium sized companies.

Persons: Amir Anvarzadeh Organizations: Advisors, Bank of Japan

☆ Japan's real wages fall for 23rd straight month, dampening Bank of Japan's hopes for 'virtuous cycle'
▼ + stars: | 2024-04-08 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Real wages in Japan fell for a 23rd straight month, suggesting that high inflation is still biting into consumer spending power in the country. Labor ministry data released Monday showed that real wages fell 1.3% in February from a year ago, accelerating from a revised 1.1% drop in January. The data showed special payments, which include bonuses, slipped 5.5% year-on-year. But those pay hikes benefit only a fraction of Japan's workers, given only 16.3% of workers are unionized in the country and most unionized workers are concentrated in large companies. If real wages continue to decline, consumers may choose to save instead of spend, thereby generating little demand and impetus for prices to rise.

Organizations: Labor, Bank of Japan's Locations: Japan

☆ Dollar steady ahead of jobs data; yen hits two-week high
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: +3 min

The yen, while still close to the 152 range, hit a two-week high against the greenback as safe-haven bids and fresh warnings from Japanese authorities buoyed the currency. The dollar has had a turbulent week, falling from a five-month high to a two-week low after an unexpected slowdown in U.S. services growth supported expectations of bringing interest rates down. The dollar index , which measures the greenback against a basket of major currencies, was last largely unchanged at 104.18. Japanese Finance Minister Shunichi Suzuki on Friday reiterated the government's resolve to take appropriate action against sharp yen falls. The yen strengthened 0.29% versus the greenback to a two-week high of 150.92.

Persons: payrolls, Neel Kashkari, Jerome Powell, Charu Chanana, Joe Biden, Matt Simpson, Shunichi Suzuki, Kazuo Ueda, bitcoin Organizations: U.S, The U.S, greenback, Minneapolis Federal, Saxo, Biden, Finance, Bank of Japan, Asahi Locations: The, Minneapolis, Gaza, Iran

☆ Why Japan's 'shunto' wage hikes may not bring cheer to over 80% of its workers
▼ + stars: | 2024-04-03 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Akihiko Matsuura, president of UA Zensen, center, raises his fist with members of the union during a rally for the annual wage negotiations in Tokyo, Japan, on Thursday, March 7, 2024. But will the "shunto" hikes really work for its legions of salarymen? However, headline inflation, which has been above the Bank of Japan's 2% target since April 2022, hits the entire population. This means that the generous pay raise negotiated by the unions leave out almost 84% of Japan's workforce. The recent wage negotiations are also likely to benefit mostly workers in large Japanese companies, while employees at small and medium enterprises might have to face rising prices without a commensurate hike to their salaries.

Persons: Akihiko Matsuura, Richard Kaye, Comgest, Japan Organizations: UA, Japanese Trade Union Confederation, Japan International Labour Foundation, Bank of Japan's, CNBC Locations: Tokyo, Japan

☆ Dollar steadies, yen pinned near 152
▼ + stars: | 2024-04-03 | by ( ) www.cnbc.com time to read: +4 min

The dollar was steady on Friday after data showed U.S. inflation remained sticky but easing gradually, keeping alive the chance of the Federal Reserve cutting rates in June, while the yen slid back to the key 150 per dollar level. The dollar was on the front foot on Wednesday, pinning the yen near its lowest in decades though the heightened threat of currency intervention by Tokyo capped further declines in the Japanese currency. The yen was last at 151.585 per dollar, languishing near last month's slump to 34-year lows of 151.975 in the wake of the Bank of Japan's historic policy shift. The dollar , which on Tuesday touched a nearly five-month high of 105.10 against a basket of currencies, was last steady at 104.76. "I think the dollar will hold up pretty well in the near term, and that will be a headwind for the other major currencies."

Persons: Morgan Stanley, Koichi Sugisaki, Sterling, Carol Kong, CBA's Organizations: Federal Reserve, Bank of, Ministry of Finance, U.S ., U.S, Commonwealth Bank of Australia, Traders, Fed, New Locations: Tokyo, Japan, U.S, CBA's Kong, New Zealand

☆ Dollar ascendant as Fed cut bets pared, jawboning props up yen
▼ + stars: | 2024-04-02 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar hovered near a 4-1/2-month high against major peers on Tuesday as traders rushed to push back bets for the Federal Reserve's first interest rate cut this year. The U.S. dollar hovered near a 4-1/2-month high against major peers on Tuesday as traders rushed to push back bets for the Federal Reserve's first interest rate cut this year. The U.S. rate futures market now factors in 61.3% odds of a Fed rate cut in June, down from about 70.1% probability a week ago, according to the CME's FedWatch tool. The Japanese yen firmed slightly on Tuesday to 151.565 per dollar, after dipping to 151.77 the previous day. Japanese authorities intervened in 2022 when the yen slid toward a 32-year low of 152 to the dollar.

Persons: –, Richard Franulovich, Sterling, Shunichi Suzuki, Westpac's, skidding, cryptocurrency bitcoin Organizations: U.S, Federal, Treasury, Bank of Japan's Locations: U.S, Japan

☆ Japan's finance minister says 'speculative' moves in currency market impacting yen
▼ + stars: | 2024-04-01 | by ( ) www.cnbc.com time to read: +1 min

The yen has been on a downtrend despite the BOJ's decision on March 19 to end eight years of negative interest rates. Japanese Finance Minister Shunichi Suzuki said on Monday there were some speculative moves in the currency market that did not reflect economic fundamentals, repeating his warning against excessive yen declines. "We will watch currency market developments with a strong sense of urgency, and will respond appropriately against excessive moves without ruling out any options," Suzuki told parliament. Suzuki said various factors are driving currency moves such as the Bank of Japan's decision to end negative interest rates, Japan's current account balance, price moves, geopolitical risks, as well as market players' sentiment and speculative trades. "As for the yen's recent declines, we believe there are some speculative moves that do not reflect fundamentals when taking into account domestic and overseas economic as well as price developments," he said.

Persons: Shunichi Suzuki, Suzuki Organizations: Japanese Finance, Bank of

☆ Dollar steady as PCE data sets up June rate cut bets; yen in focus
▼ + stars: | 2024-04-01 | by ( ) www.cnbc.com time to read: +3 min

The dollar was broadly steady on Monday as data showing easing U.S. prices bolstered bets that the Federal Reserve could cut interest rates in June, while the yen loitered near 152 per dollar keeping traders on edge on the threat of intervention. The dollar was broadly steady on Monday as data showing easing U.S. prices bolstered bets that the Federal Reserve could cut interest rates in June, while the yen loitered near 152 per dollar keeping traders on edge on the threat of intervention. The report also showed consumer spending rising by the most in just over a year last month, underscoring the economy's resilience. The yen touched a 34-year low against the dollar of 151.975 on Wednesday and was last at 151.315 per dollar, a shade stronger, on Monday. In other currencies, the Australian dollar rose 0.21% to $0.654, while the New Zealand dollar was 0.20% higher at $0.599.

Persons: Jerome Powell, Sterling, Shunichi Suzuki, bitcoin Organizations: Federal, Commerce Department's, Reuters, Traders, Citi, Japan, Bank of Japan, Ministry of Finance, Financial Services Agency, New Zealand Locations: Japan

☆ Asia markets climb as China factory activity assessed; Japan business optimism falls slightly
▼ + stars: | 2024-04-01 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Asia-Pacific markets climbed Monday as investors assessed China's business activity for February and await economic data out of Japan. China's National Bureau of Statistics data showed that manufacturing activity expanded in March, with the purchasing managers index registering a reading of 50.8, compared to Feburary's reading of 49.1. Separately, Japan's first-quarter Tankan survey showed that business optimism among large manufacturers fell, with the gauge at +11 compared with +12 in the last survey. However, optimism among non-manufacturers rose, with the Tankan gauge at +34 compared with +30 in the fourth quarter and beating Reuters expectations of +33. The survey gauges business sentiment, which the Bank of Japan monitors when formulating monetary policy.

Persons: Japan's Organizations: China's National Bureau, Reuters, Bank of Japan Locations: Asia, Pacific, Japan

☆ Japan Is a Preview of China's Ugly Recession, Stock Market Crash
▼ + stars: | 2024-03-31 | by ( Linette Lopez | ) www.businessinsider.com time to read: +14 min

But Japan's economy — the long-unconscious patient — recently started to wiggle its toe. The country's stock market is ripping; the Nikkei recently exceeded the all-time highs it set 34 years ago. Now, Koo says, Chinese academics and policymakers are flocking to Japan to glean some kind of wisdom from the country's experience. Advertisement"This has made Japan attractive for foreign investors, and the stock market has done well," Koo said. Even without a currency war with Beijing, the world is building defenses against another wave of Chinese goods.

Persons: —, Goldman Sachs, there's, Nomura, Richard Koo, Koo, Shinzo Abe, Japan's, What's, it's, we're, haven't, Xi Jinping, doesn't, Xi, we've, Brasília Organizations: Nikkei, Goldman, Bank of Japan, Corporations, International Monetary Fund, Japan, Peterson Institute, European Union, China Locations: East Asia, China, Japan, Real, Tokyo, Beijing, Brussels, Brasília, American, Washington, Brazil, Turkey

“There are,’’ the Bank of England warns, “more consequences from falling prices than meets the eye.’’What could be so bad about lower prices? It is only now emerging from decades of falling prices that began with the collapse of its property and financial markets in the early 1990s. Mainly because falling prices tend to discourage consumers from spending. Why buy now, after all, if you can purchase what you want — cars, furniture, appliances, vacations — at a lower price later? If consumers were to pull back, en masse, to await lower prices, businesses would face intense pressure to cut prices even more to try to jump-start sales.

Persons: they're, that's, what's, Joe Biden's, ’ ’ Lisa Cook, “, United States hasn’t, Tom Krisher Organizations: WASHINGTON, Federal Reserve's Board of Governors, Bank of England, United, España, Unemployed, Bank of Japan, Fed, Bank for International, AP Locations: America, United States, Japan, Spanish, Detroit

☆ Standard Chartered says Japan 'very, very close' to yen intervention
▼ + stars: | 2024-03-28 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

Japan is "very, very close" to intervening in the yen, Steven Englander, head of Global G10 FX research and North America macro strategy at Standard Chartered Bank, told CNBC as the currency languishes at multi-decade lows. "I think we're actually very, very close to them [Japanese authorities] jumping in ... they've already discussed the political consequences and nobody's sitting there asking for a weaker yen," Englander told CNBC's "Squawk Box Asia" on Thursday. The Japanese yen traded around 151.47 against the U.S. dollar on Thursday after falling to its weakest level in 34 years at 151.97 in the previous session. Standard Chartered's Englander said potential intervention in the yen would be aimed at buying time for Japanese authorities until the U.S. Federal Reserve starts cutting interest rates or until the Bank of Japan hikes its rates a little more. He further noted that when Japanese authorities last intervened in the yen in 2022, it "worked out pretty well," even though investors were initially skeptical of the effectiveness of such currency intervention.

Persons: Steven Englander, they've, nobody's, Englander, CNBC's, Shunichi Suzuki, Masato Kanda, Yoshimasa Hayashi Organizations: Global, Standard Chartered Bank, CNBC, U.S, Reuters, U.S . Federal Reserve, Bank of Japan Locations: Japan, North America, .

☆ Japanese policymakers could intervene fairly soon in the economy, FX strategist says
▼ + stars: | 2024-03-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJapanese policymakers could intervene fairly soon in the economy, FX strategist saysValentin Marinov, managing director and global head of G10 FX and U.K. research at Credit Agricole, discusses the global foreign exchange market and the Bank of Japan's interest rates.

Persons: Valentin Marinov Organizations: Credit Agricole, Bank of

☆ Dollar firm after Fed comments; yen under close watch
▼ + stars: | 2024-03-28 | by ( ) www.cnbc.com time to read: +3 min

"There is no rush to cut the policy rate" right now, Waller said in a speech prepared for delivery before an Economic Club of New York gathering. The dollar index , a measure of the greenback against major peer currencies, ticked up in the wake of Waller's comments and last held mostly unchanged at 104.41. Traders await key U.S. core inflation figures due on Friday, following a bigger-than-expected jump in U.S. durable goods orders on Tuesday that has already boosted the dollar against the yen. The greenback reached 151.975 yen on Wednesday, its strongest against the yen since mid-1990. Japan intervened in the currency market three times in 2022, selling the dollar to buy yen, first in September and again in October as the yen slid towards a 32-year low of 152 to the dollar.

Persons: Christopher Waller, Waller, It's, Kyle Rodda, Rodda, Masato Kanda, Shunichi Suzuki, That's, Ray Attrill, Sterling, bitcoin Organizations: U.S, Federal Reserve, Federal, Economic, of New, Traders, Finance, National Australia Bank, Bank of Japan's Locations: of New York, Japan

☆ Japan's yen hits 34-year-low, heating talk of intervention
▼ + stars: | 2024-03-27 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Japanese 1,000 yen, 5,000 yen and 10,000 yen banknotes arranged in Kyoto, Japan, on Thursday, Nov. 2, 2023. The contradictions in Japan's efforts to protect the yen while slowing the pace of rising bond yields are becoming increasingly clear in currency and debt markets. The yen was last at 151.22 against the dollar at 10:19 a.m. London time after paring back some losses. The yen hit a 34-year-low on Wednesday, weakening as much as 151.97 against the U.S. dollar and fueling market questions over potential government intervention to prop the Japanese currency. "There is now a higher chance of Japanese FX intervention.

Persons: Kentaro Takahashi, Shunichi Suzuki, Masato Kanda, Kanda Organizations: Bloomberg, Getty, U.S ., Bank of Japan, Financial Services Agency, Reuters, FX, Commonwealth Bank of Australia, Bank of America Global Research Locations: Kyoto, Japan, London

☆ Yen hits 34-yr low ahead of key U.S. inflation data
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: +2 min

Japanese yen banknotes of various denominations are arranged in Kawasaki, Japan, on Friday, June 23, 2023. The yen briefly traded at 151.97 per dollar in the Asia session, down about 0.2% and its weakest since mid-1990. China's yuan and the New Zealand dollar traded near four-month lows. The yuan weakened to 7.2285 per dollar despite a strong fix of its trading band. The New Zealand dollar fell 0.2% to $0.5988, not helped by a downward revision to the government's economic growth forecasts.

Persons: Rodrigo Catril, Naoki Tamura Organizations: National Australia Bank, Bank of Japan, New Zealand Locations: Kawasaki, Japan, Asia

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