Yen slips after rallying on suspected intervention, stocks mixed

📆 2/5/2024 00:18:00
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The yen weakened Thursday following another surge against the dollar that fuelled speculation Japanese authorities had intervened for a second time this week, after Federal Reserve boss Jerome Powell warned interest rates would stay higher for longer.

Hong Kong stocks rose more than one percent, pushing its rally into an eighth successive day. Photo: DALE DE LA REY / AFP

The Fed also said it would slow down the pace at which it shrinks its balance sheet -- having bought up vast amounts of bonds previously to keep rates low -- which eased upward pressure on Treasury yields.The comments came after a string of data at the start of the year saw inflation come in above expectations, while the"The statement and news conference should not come as a surprise to investors," said Tai Hui at JP Morgan Asset Management.

Bloomberg analysis of central bank accounts suggested that Monday's move was likely an intervention by Tokyo worth around $35.4 billion.

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Yen slides to fresh 34-year low against dollar, stocks rallyThe yen slumped to a fresh 34-year low against the dollar on Monday, fuelling expectations Japanese authorities would step in to support their currency for the first time since late 2022. The yen slipped to 160.17 to the greenback in morning trade, stirring speculation that Japanese authorities would intervene to arrest its slide.
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