US EditionYen Slides as Cautious BOJ Stance Dares Traders to Test Tokyo's Patience
Short-dated Japanese government bond yields hit record highs after the Bank of Japan raised rates to 0.75%, with officials warning of possible intervention amid yen weakness.
- On Friday, the Bank of Japan raised rates by a quarter point to a three-decade high of 0.75%, and the yen languished near a record low to the euro on Monday after Kazuo Ueda's cautious remarks.
- Wide interest-rate differentials between Japan and global markets pressured the yen, while concern about Sanae Takaichi's spending plans and Japan's draft budget exceeding 120 trillion yen weakened it.
- Short-Dated Japanese government bond yields hit record highs after the BOJ decision on Friday, while the U.S. dollar traded at 157.56 yen and the euro was 184.51 yen on Monday.
- Top currency diplomat Atsushi Mimura and chief government spokesperson Minoru Kihara warned of `one-sided and sharp` moves and said officials were ready to `take appropriate actions`, while Derek Halpenny cautioned intervention needs fiscal risk management signals.
- The yen's weakness coincided with the Swiss franc hitting a record 198.4 yen, while the European Central Bank left rates unchanged and signalled rate cuts are unlikely soon.
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15 Articles
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China has maintained the rates and the yen touches historical minimums against the euro and against the Swiss franc
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