The yen has come under pressure as the Bank of Japan refuses to further tighten monetary policy and expectations for Federal Reserve interest rate cuts fade. Photo: Richard A. Brooks / AFPCelebrate Youth Month with Briefly News! Nominate a young entrepreneur under 35 with an inspiring story to be our 7th 'Young Money Maker'.
The yen slipped to 160.17 to the greenback in morning trade, stirring speculation that Japanese authorities would intervene to arrest its slide. Officials have repeatedly said they are ready to step in if there are wild movements in the exchange rate, citing speculators as a key issue."Expectations of intervention having a sustained impact may disappoint given macro fundamentals do not support a sudden shift to a hawkish monetary stance," said National Australia Bank's Tapas Strickland.
The readings soothed worries that the recent markets rally, which has been partly fanned by optimism over earnings, may have been overdone.That, along with push-back by Fed decision-makers warning against cutting too soon leading investors revise their outlook for how many reductions there would be this year.The bank's latest policy announcement this week will be pored over for fresh guidance on officials' plans for monetary policy.
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