The yen got a modest lift after Japan's top currency diplomat Masato Kanda said finance leaders of the G7 reaffirmed their stance that excessive currency volatility was undesirable.
The Japanese currency strengthened to 153.96 against the dollar on Thursday before paring gains. The dollar was last flat at 154.43 yen, within sight of Tuesday's 34-year low of 154.79. The yen has lost some 8% in value against the dollar in 2024, but it has fallen against other currencies as well, to stand down nearly 5% against the euro and down almost 7% against the Chinese yuan .
Markets are barely pricing in half a percentage point in cuts from the Fed this year, compared with an expectation for at least six quarter-point cuts at the start of the year.
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