The Japanese yen loitered just above recent lows, riding a boost from the strongest hints yet of possible market intervention by Japanese authorities. The New Zealand dollar jumped a bit on better-than-expected growth data.MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4% and Japan’s Nikkei rose 0.3%.
“The best metaphor is that the Fed is not only driving the economy using a rear view mirror but is now being forced to press the ‘rate rise’ accelerator just as bond markets are discounting an overtightening.” Two-year yields, which track near-term rate expectations, were steady at 3.7860%, up 22 basis points this week for a seventh consecutive weekly gain. The benchmark 10-year yield was at 3.4062%.
The yen pounded some 20% lower against the dollar this year, bounced off its lows a day ago when the Bank of Japan checked dollar-yen rates with banks around the 145 yen per dollar level – a possible prelude to yen buying. It was last at 143.05 per dollar.
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