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Asian stocks lack clear direction in holiday-shortened week

Asian stocks lack clear direction in holiday-shortened week
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BOJ s Hawkish Member Eyes Steady Rate Hikes for Normalization

(Bloomberg) Bank of Japan Board Member Naoki Tamura signaled his desire to gradually keep raising interest rates as the bank further pursues policy normalization after raising rates last week for the first time since 2007. Most Read from BloombergTrump’s Net Worth Hits $6.5 Billion, Making Him One of World’s 500 Richest PeopleBiden Gains Ground Against Trump in Six Key States, Poll ShowsTrump Vows to Pay Fraud Trial Bond Cut by 68% to $175 MillionVital Baltimore Bridge Collapses After Being S

Dollar steadies, yen teeters ahead of key US inflation data

The dollar steadied on Wednesday in the wake of more strong U.S. economic data, nudging the Japanese yen closer to a test of levels that drew official market intervention back in 2022. The yen traded at 151.52 per dollar early in the Asia session, within a whisker of 151.94 where Japanese authorities stepped in during October 2022 to buy the currency. For the quarter ending later this week the yen is the worst-performing major, down more than 7% on the dollar even after Japan's exit last week from negative interest rates.

Yen hits 34-year low against dollar

The yen hit a 34-year low against the dollar on Wednesday, just over a week after the Bank of Japan announced a much-anticipated interest rate hike in a shift away from years of ultra-loose monetary policy.While central banks around the world aggressively hiked rates to tackle soaring inflation, the Bank of Japan stuck to its ultra-loose policies, driving down the yen.

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