Yen Rebounds as Decline Seen Overdone; Aussie, Kiwi Extend Drops
This article is for subscribers only.
The yen rebounded versus the dollar amid signs its decline to a seven-year low was overstretched and as Bank of Japan Governor Haruhiko Kuroda said the economy is headed to achieve policy makers’ 2 percent inflation target.
Japan’s currency rose against 15 of its 16 major peers as a gauge of momentum signaled its drop versus the greenback since October was too fast. The BOJ released minutes today of its Oct. 31 meeting, when it surprised markets by expanding monetary stimulus two days after the Federal Reserve ended its bond-buying program. Australia’s and New Zealand’s currencies fell amid drops in global commodity prices, and Norway’s krone slipped as crude-oil futures stayed close to a four-year low.