The yen weakened past 150 per dollar for the first time since November, raising the specter that Japanese authorities will step in to prop up the currency, after hot US inflation data prompted traders to dial back their bets on interest-rate cuts and bid up the greenback.
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Japanese government bond
yields rose on Friday, as the market reacted to lukewarm demand
at an auction for five-year bonds and digested fresh comments
from the Bank of Japan . The. -February 09, 2024 at 12:40 am EST
- MarketScreener
The yen wallowed near a 10-week low on Friday, while the dollar ground towards a fourth weekly advance as traders dialled back bets on how quickly the Bank of Japan will raise interest rates and how soon the Federal Reserve will cut them. On Friday morning in Tokyo, Japanese Finance Minister Shunichi Suzuki said that he was "watching FX moves carefully," while also repeating that decisions on monetary policy are up to the central bank. The dollar index - which measures the currency against six major peers - was steady at 104.15, having gained 0.1% on Thursday after fresh data pointed to the resilience of the U.S. labor market, dealing another blow to bets for early Fed rate cuts.