Buoyant dollar pushes fragile yen to within striking distance of 150
© Reuters. FILE PHOTO: Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/Illustration/File Photo
The yen slid to a roughly 11-month low of 149.74 per dollar, as the Japanese currency continued its slow-but-steady decline toward the 150 mark, a level which some see as a line in the sand that would spur Japanese authorities to intervene in the currency market as they did last year. "They're wary of tightening too early and squashing... a rise in inflation and growth," said Jarrod Kerr, chief economist at Kiwibank."They deserve to be cautious, though."
The U.S. Congress late on Saturday passed a stopgap funding bill with overwhelming Democratic support in a bid to avoid the federal government's fourth partial shutdown in a decade, a move which Pepperstone's head of research Chris Weston said"should be welcomed by risky assets".
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