Dollar steadies, yen teeters ahead of key US inflation data

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.

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