-- The yen is strengthening away from areas that prompted suspected intervention in recent weeks, and it’s starting to look similar to 2022 when weaker US economic data did the job for Japanese officials.China Considers Government Buying of Unsold Homes to Save Property MarketSigns of easing US inflation pressures boosted bets the Federal Reserve will ease monetary policy this year.
The yen has gained 0.6% to 153.99 per dollar as of 1:12 p.m. in Tokyo. That means it’s about 2% stronger than the 157.52 level it reached on May 1 before the yen strengthened dramatically. The surge raised speculation that Japan may have intervened to prop up the currency.A wide gap between US and Japanese benchmark bond yields has dragged on the yen, and a tumble in US Treasury yields after the inflation data has helped narrow the difference.
Japanese Finance Minister Shunichi Suzuki said Tuesday that “close policy coordination” is needed between the government and BOJ, adding that he’s closely watching the yen. That underscored Japanese policymakers’ concern that an excessively weak currency may harm the economy.Changes from Visa mean Americans will carry fewer physical credit, debit cards in their wallets
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