Yen sinks as US-Japan rate outlook diverges FMTNews FMTBusiness
TOKYO: The yen sank against major peers on Monday after US payrolls data bolstered the case for further Federal Reserve rate hikes, highlighting a growing disparity with Japan where the central bank continues to pin the benchmark yield near zero.
The yen slipped 0.3% against the US dollar to 132.47, extending a similar-sized decline from Friday, when data showed the US economy continued to add jobs at a brisk pace in March. “Yields in places like the euro area, Britain and Australia will follow US yields higher, so there won’t be a big widening of the yield gap,” they said. “Relative to them, yield spreads will see a much bigger impact in Japan.”
Barring an upside surprise in US consumer price data on Wednesday, the dollar has limited room to rise against the yen from current levels, they added.
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