© Reuters. The Japanese yen is touching its lowest level since November
The Japanese yen rose against the dollar, after touching a 6-month low yesterday, as expectations of the central bank’s yield curve control policy soon receded.
The greenback fell against its Japanese counterpart by 0.50%, to 138.05 yen.
This came after the exchange rate reached 138.75 yen late Thursday evening, the lowest level for the Japanese currency since November, as the yen became the second worst performer among the group of the ten most traded currencies.
The Bank of Japan kept policy unchanged at its April meeting and said it would continue easing to achieve its target, but a drop in 10-year yields this month widened the gap with its US peers and boosted the value of Japan.
The swaps on 10-year notes, which are commonly used by foreign funds to bet on Japan’s debt, have declined, and changes in this market now reflect the reduced likelihood of a policy adjustment for the time being.
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2023-05-19 13:03:00
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