A worker holds samples of new Japanese yen banknotes at a factory of the National Printing Bureau producing Bank of Japan notes at a media event about the new notes scheduled to be introduced in 2024, in Tokyo, Japan. REUTERS/Kim Kyung-Hoon/File hpoto
The discussion over yen intervention has transitioned from uncertainty to speculation as the Japanese currency briefly crossed the 150 per dollar mark in U.S. trade and then quickly reversed, strengthening to 147.30.
Tokyo has neither confirmed nor denied any action to support the yen, with both Japan’s finance minister and its top currency diplomat refraining from direct comments.
Tokyo last intervened in September and October of the previous year, buying yen when it eventually dropped to a 32-year low of 151.94 per dollar. In Asian trading hours, the yen was trading just below the 150 level and was last recorded at 149.27 per dollar.
READ: Japan intervenes in FX market to stem yen falls after BOJ keeps low rates
The global bond selloff shows no signs of slowing down as investors come to terms with a new era of higher-for-longer interest rates. They continue to sell bonds, pushing yields higher, with the 10-year Treasury yield reaching a fresh 16-year high. The benchmark 10-year Japanese government bond yield also remains at a 10-year high.
All of this contributes to an ongoing risk-averse and jittery European session, as futures indicate a lower open.
Investor attention will also be focused on the political drama unfolding in the United States, where a group of Republicans in the U.S. House of Representatives removed Republican Speaker Kevin McCarthy on Tuesday.
READ: US House speaker ejected in brutal, historic rebellion
Meanwhile, British media regulator Ofcom will push for an antitrust investigation into Amazon and Microsoft’s dominance of Britain’s cloud computing market, according to two sources familiar with the matter who spoke to Reuters.
In corporate news, Meta is planning to lay off employees on Wednesday in the unit of its metaverse-oriented Reality Labs division focused on creating custom silicon, according to two sources familiar with the matter who spoke to Reuters on Tuesday. The extent of the cuts has not been determined.
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
