A man walks in front of an electronic board displaying the exchange rate for the Japanese yen against the US dollar, along a street in Tokyo on April 25, 2024. – Tokyo stocks opened lower on April 25 after the yen fell past a key level against the US dollar ahead of a two-day Bank of Japan policy meeting.
“I have no comment at this time,” Masato Kanda, Japan’s vice minister of finance for international affairs, told reporters at the ministry after the yen’s sudden rise.But some analysts speculated that Japan stepped in to boost the yen. Lombard Odier’s Homin Lee added: “Pressures will remain on the currency until we get more downbeat growth and inflation data in the US and clearer hawkish shift at the BoJ.
The readings soothed worries that the recent markets rally, which has been partly fanned by optimism over earnings, may have been overdone.That, along with push-back by Fed decision-makers warning against cutting too soon leading investors revise their outlook for how many reductions there would be this year.The bank’s latest policy announcement this week will be pored over for fresh guidance on officials’ plans for monetary policy.
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