As the yen slid past 145 per dollar with barely a murmur from Japanese policymakers during recent days, suspicion grew that they won't be as quick to order intervention as they were last year as they now reap some benefits from a weaker currency. The Bank of Japan is taking baby steps away from its ultra-loose monetary policy, and there are increasing hopes that U.S. rates may have peaked, but as of now, the bond market provides a good reason to sell yen. Yet currency traders remain nervous about provoking intervention, as the yen entered the same zone that triggered heavy dollar selling by Japanese authorities in September and October of last year.
(Bloomberg) The yen slid to its weakest in nine months as Japan’s interest-rate gap with the US pushes the currency toward levels that last year saw intervention by authorities in Tokyo.Most Read from BloombergAmerica’s Fastest Growing City Is Embracing ‘Yellowstone’ ManiaGoldman Pencils In First Fed Rate Cut for Second Quarter of 2024Outsider Milei Upends Argentina’s Election With Primary WinUS Steel Starts Review as It Spurns $7.25 Billion Cliffs BidThe Fed Is Playing a Waiting Game to Try
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Japanese authorities are facing renewed pressure to combat a continued yen fall driven by market expectations that the Bank of Japan will keep interest rates ultra-low, even as other central banks tighten monetary policy to curb inflation. Aside from verbal intervention, Japan's government has several options to stem what it considers excessive yen falls. Among them is to intervene directly in the currency market, buying large amounts of yen, usually selling dollars for the Japanese currency.