The yen rose as domestic shares plunged and data showed that Japanese investors were net sellers of foreign debt for a second week, fanning concern the nation’s unprecedented monetary stimulus has yet to gain traction.
The currency strengthened against most of its major peers after Bank of Japan Governor Haruhiko Kuroda said that the central bank is seeking to reduce volatility in the bond market. A gauge of expected swings in Group-of-Seven currencies climbed to a three-month high. The Dollar Index fell for a second day as investors weighed whether the Federal Reserve will start to curb monetary stimulus. The Aussie dollar rose.
“Kuroda’s competence is highly regarded in the foreign-exchange market,” said Kengo Suzuki, the chief currency strategist at Mizuho Securities Co. in Tokyo. “His failure to take hold of bond yields will lead to disappointment, sapping expectations of further yen weakness.”
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USD/JPY Touches 100.50 Amid Foreign Bond Sales
Published 05/30/2013, 05:14 AM
Updated 07/09/2023, 06:31 AM
USD/JPY Touches 100.50 Amid Foreign Bond Sales
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