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The plunge to 160 per dollar immediately filled news reports and social media across Japan. “We cant let our guard down,” Iguchi called repeatedly as trading ensued. Other so-called red-line levels — 155 and 158 — had fallen with no pushback. Some were starting to ask if the authorities would ever act.
The dollar is at its highest since November against other major currencies, poised for a fourth straight month of gains
Its latest rally, following stronger-than-expected March inflation numbers that pushed back U.S. rate cut bets even further, highlights how sensitive currency markets are to relative interest rate changes. "We track investor flows, and the dollar buying since the CPI release has been strong," said Tim Graf, head of macro strategy for Europe at State Street Global Markets. One dollar is worth just under 155 yen, its strongest since 1990, and Japan has warned that it might start buying yen to support its value.
World stocks have inched ahead after conflicting messages from policymakers in the US ahead of inflation data due...
Asian equities climbed on Tuesday but could not break this month's highs as mixed messages from U.S. Federal Reserve policymakers left doubts hanging over the timing of interest rate cuts. ...