The yen was last roughly 0.3% higher at 140.77 per dollar, nursing some of its heavy loss from Friday after the BOJ maintained ultra-low rates.
That sent the yen into a tailspin as traders tried to determine theof the move. The dollar eventually ended the session with a 1.2% gain against the Japanese currency, though that was after it had slid 1% to a session-low of 138.05 yen.
"The BOJ threw a curve ball into the market on Friday with its cosmetic change to YCC — in essence, it was a brilliant move by the central bank, and they've managed to bridge the volatility that would come with a straight change to a -/+ 1% range in the YCC band," said Chris Weston, head of research at Pepperstone.
"They've given themselves all the flexibility should they wish to tighten policy in the future without tidal waves in global bond markets."It was headed for a monthly decline of roughly 1.2%, extending its loss to a second month.in more than two years in June, with underlying price pressure receding, easing pressure on the Federal Open Market Committee, or FOMC, to continue raising rates.
"All of the data continues to support a 'Goldilocks' scenario in the U.S. economy," said currency strategist Carol Kong at Commonwealth Bank of Australia, or CBA. "In the near term, the dollar might be heavy, weighed down by the market's view that the FOMC is done with its tightening cycle."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Yen eyes first monthly gain since March; dollar headed for monthly lossThe yen edged steadily higher on Monday following a volatile session at the end of last week after the Bank of Japan (BOJ) loosened its grip on interest rates, and was on track to reverse three consecutive months of loss.
Read more »
Primetime Emmys Postponed As Hollywood Strikes March OnThe 2023 Primetime Emmy Awards have been postponed from their original September air date as the Hollywood writers' and actors' strikes continue.
Read more »
Farruko Leads ‘March for Jesus’ in Puerto Rico & More Uplifting Moments in Latin MusicThe march was part of the artist’s first-ever “Faithstival,” which ended with a free concert.
Read more »
Supporters of Niger’s coup march through the capital waving Russian flags and denouncing FranceRussian President Vladimir Putin would like to expand his country’s influence in the region.
Read more »
Supporters of Niger's coup march through the capital waving Russian flags and denouncing FranceThousands of supporters of the junta that took over Niger in a coup earlier this week have marched through the streets of the capital, Niamey, waving Russian flags, chanting the name of the Russian president and forcefully denouncing former colonial power France.
Read more »
The French embassy in Niger is attacked as protesters waving Russian flags march through the capitalThousands of supporters of the junta that took over Niger in a coup earlier this week have marched through the streets of the capital, Niamey, waving Russian flags, chanting the name of the Russian president and forcefully denouncing former colonial po...
Read more »