TOKYO, June 20 — The Japanese yen remained under pressure today, weakening toward a 24-year low after the Bank of Japan on Friday bucked the trend in a week of massive central bank tightening to renew its commitment to ultra-easy policy.
The US dollar paused for breath following a volatile week that saw it retreat sharply from a two-decade high against major peers. However, it recovered half of that by the end of last week as investors continue to assess the outlook for US monetary policy and the risk of recession following the Federal Reserve’s biggest rate increase since 1995.
The greenback rose 0.21 per cent to ¥135.25 , heading back toward Wednesday’s peak of 135.60, the highest level since October 1998. By contrast, the Fed followed a 75 basis-point rate hike mid-week by stating in its twice-yearly monetary policy report to Congress on Friday its “unconditional” commitment to fighting inflation, despite rising risks of recession.“The market was gearing up for a BOJ capitulation got exactly the opposite,” sending the yen tumbling, National Australia Bank senior foreign-exchange strategist Rodrigo Catril wrote in a client note.
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