Yen Rebounds as Cooling US CPI Weighs on Dollar, Treasury Yields
- Yen surges, dollar and Treasury yields fall after CPI report
- US inflation data ‘has BOJ breathing a sigh of relief’: Monex
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The yen extended gains in Asian trading on Thursday after rallying 1% overnight as traders ramped up bets that the Federal Reserve will ease monetary policy this year on signs US inflation pressures were easing.
Japan’s currency strengthened beyond the 154 level for the first time since May 7, rising to as high as 153.6 per dollar. It gained 0.8% to 153.68 as of 10:17 a.m. in Tokyo, in an advance that helped to forestall the need for Japanese authorities to step into the market to stem weakness.