The Japanese yen continued its downward trend from the start of trading on Wednesday, influenced by statements from the Bank of Japan suggesting a tendency among Japanese monetary authorities to delay raising interest rates, which could add upward momentum to the Japanese currency.
The dollar\/yen pair rose to 149.67 compared to the previous day’s close of 149.19. The pair dipped to its lowest level on Wednesday at 148.85 against a high of 149.74.
Saiji Adachi, a member of the Bank of Japan’s board, said that the Bank of Japan should raise interest rates at a “very moderate pace” while being careful to avoid raising them prematurely, warning that a strengthening yen and slowing global demand could negatively impact inflation and wage growth.
The US dollar resumed its upward trend due to economic data highlighting an increase in US import prices, in addition to factors related to Federal Reserve interest rate expectations.
The dollar index, which measures the performance of the US dollar against a basket of six major currencies, rose to 103.44 points compared to the previous day’s close of 103.26 points. The index dipped to its lowest level on Wednesday at 103.17 points against a high of 103.48 points.
The Japanese yen also came under pressure from a decline in Japan’s machinery orders, which fell more than market expectations. This is one of the factors pushing the central bank towards avoiding raising interest rates.<\/p>\n","protected":false},"excerpt":{"rendered":"
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