The Japanese yen traded near 158 per dollar
The Japanese yen traded near 158 per dollar on Wednesday, hovering close to its weakest levels since July of last year, when Japanese authorities intervened to support the currency. The yen remains under pressure as investors await key US inflation data, which could limit the scope for Federal Reserve interest rate cuts this year. Domestically, Bank of Japan Deputy Governor Ryozo Himino indicated earlier this week that the central bank is likely to discuss a potential rate hike at next week’s policy meeting.
However, he added that while price developments and inflation expectations are generally on track, both domestic and global risks remain a concern. On the economic front, a private survey showed a rebound in sentiment among Japanese manufacturers in January, driven primarily by improved conditions in the materials industries.(Cay)
Source: Fxstreet
