SINGAPORE, Aug 17 — The dollar pushed the yen deeper into intervention territory on Thursday as a resilient US economy underscored the need for higher-for-longer interest rates,...
SINGAPORE, Aug 17 — The dollar pushed the yen deeper into intervention territory on Thursday as a resilient US economy underscored the need for higher-for-longer interest rates, while a strikingly ultra-dovish Bank of Japan struggled to defend its policy stance.
The yen bottomed out at 146.565 per dollar in early Asia trade, its lowest level since November, having come under renewed pressure as a result of interest rate differentials between the US and Japan. “We’ve got the US staying really resilient still, under the weight of high interest rates,” said Carol Kong, a currency strategist at Commonwealth Bank of Australia .
The Japanese currency has come under close watch since it touched the key 145 per dollar level for the first time in about nine months last Friday, crossing into a zone that sparked an intervention by Japanese authorities in September and October last year. Despite a sharp drop in Britain’s headline inflation rate, key measures of price growth monitored by the Bank of England failed to ease in July, data on Wednesday showed.
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