A Security member stands guard at one of the entrance of the New York Stock Exchange in New York, Tuesday, March 19, 2024. – Asian shares were trading mixed on Monday, as investors awaited further indications the Federal Reserve might begin cutting interest rates.
A top Japanese finance official expressed reservations about the recent surge in the U.S. dollar against the Japanese yen, fueling speculation about possible intervention in the market. The dollar has risen to nearly 152 yen, a jump from slightly above 130 yen a year ago. It was trading at 151.13 yen on Monday, up from 151.41 yen. The euro cost $1.0814, up from $1.0810.
“The recent Bank of Japan meeting added another layer of complexity to the dollar’s trajectory. Despite the BOJ’s decision to hike rates, cautious communication failed to stimulate demand for the Japanese yen,” said Luca Santos, currency analyst ACY Securities. In the bond market, U.S. Treasury yields pulled back. The yield on the 10-year Treasury fell to 4.21% from 4.27% late Thursday.has indicated it may deliver three cuts to interest rates this year, as long as inflation keeps cooling. The Fed's main interest rate is at its highest level since 2001.
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