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Yen stops falling after more severe intervention warnings

On Wednesday, the Japanese yen stopped falling after renewed threats of state intervention in the matter and as investors turned their attention to a policy meeting held by the Federal Reserve later on Wednesday.

Interest rates in the United States are expected to remain unchanged, but the publication of details regarding the refinancing of Treasury bonds may affect the bond market.

After falling by 1.7 percent on Tuesday to the lowest level in a year, recording 151.74 to the dollar, the yen stabilized at 151.32 in Asian trading after statements that were sharper than usual from Masato Kanda, Japanese Deputy Minister of Finance for International Affairs.

“Specific trading appears to be the biggest factor behind recent currency movements,” Kanda told reporters in Tokyo, adding that authorities were “ready” to intervene.

The rest of the movements of other currencies were limited, but the New Zealand dollar fell 0.3 percent to 0.5808 US dollars, and is approaching the lowest level in a year, as employment data that came in lower than expected established speculation that interest rate hikes have reached an end.

The British pound fell to $1.2125, while the euro, which was affected by slightly disappointing European growth figures, fell by 0.1 percent to $1.0567.

The Australian dollar fell 0.1 percent to $0.6630. The Chinese yuan fell slightly to 7.3190 to the dollar. The US dollar index rose slightly, recording 106.75.

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