Yen jumps as carry trades unwind, risk mood sours
SINGAPORE - The yen drew support from unwinding carry trades on Thursday ahead of next week's Bank of Japan policy meeting and as a rotation out of megacap growth stocks dampened risk appetite broadly and provided some safe haven bids.
Sources told Reuters that the central bank is likely to debate whether to raise interest rates next week and unveil a plan to roughly halve bond purchases in coming years, signalling its resolve to steadily unwind its massive monetary stimulus. The Japanese currency similarly held near its strongest level in 2-1/2-months against the euro, while sterling languished near an over one-month low and last bought 198.41 yen.
The euro eased 0.02% to $1.0837, further pressured by Wednesday's PMI survey which showed growth in euro zone business activity stalled this month, pointing to a gloomy outlook in the bloc.
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