{"id":41414,"date":"2023-07-28T01:20:21","date_gmt":"2023-07-28T05:20:21","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/japanese-yen-surges-on-flexible-boj-asia-fx-advances\/"},"modified":"2023-07-28T01:20:22","modified_gmt":"2023-07-28T05:20:22","slug":"japanese-yen-surges-on-flexible-boj-asia-fx-advances","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41414","title":{"rendered":"Japanese yen surges on flexible BOJ, Asia FX advances"},"content":{"rendered":"
\n

Investing.com — The Japanese yen rose in volatile trade on Friday after the Bank of Japan said it will adopt a looser approach to its yield curve control policy, while broader Asian currencies recovered from some recent losses against a strong dollar. <\/p>\n

The recovered from initial losses to trade 0.5% higher to the dollar by 00:56 ET (04:56 GMT). But the currency had earlier fallen as much as 0.8% before rising by a similar range. <\/p>\n

BOJ signals less strict yield curve control<\/h2>\n

The BOJ said on Friday that it will adopt a more flexible approach to controlling bond yields, by allowing them to trade fluctuate beyond its target range.<\/p>\n

While the bank still , Friday\u2019s move still marks a potential step towards the end of the BOJ\u2019s ultra-dovish stance, especially as it struggles with higher Japanese inflation.<\/p>\n

Data on Friday showed that grew more than expected in July.<\/p>\n

Still, Friday\u2019s BOJ decision disappointed some traders hoping for a more hawkish stance from the bank. Media reports had shown that the bank was even considering an end to its YCC policy. This was likely behind the near-term volatility in the yen. <\/p>\n

Broader Asian currencies strengthened on Friday, brushing off some overnight losses after the dollar rose sharply on stronger-than-expected economic growth data.<\/p>\n

The rose 0.3%, with investors also watching for any more stimulus measures in the country following vows from several top-level officials.<\/p>\n

The rate-sensitive added 0.4%, while the added 0.1%, taking some support from lower oil prices.<\/p>\n

But the outlook for Asian currencies was somewhat dented by stronger-than-expected second quarter . The reading pushed up expectations that the Federal Reserve will have enough economic headroom to keep raising interest rates – a scenario that bodes poorly for regional units.<\/p>\n

The and rose slightly in Asian trade after rallying 0.6% overnight. <\/p>\n

Australian dollar slides on weak retail sales<\/h2>\n

The was the worst performer in Asia on Friday, tumbling nearly 0.9% after data showed that unexpectedly fell in June.<\/p>\n

The reading points to slower consumer spending amid pressure from high inflation and interest rates. But it could also herald a coming slowdown in consumer inflation.<\/p>\n

This puts less pressure on the Reserve Bank to hike interest rates, with the RBA widely expected to . A pause in the RBA\u2019s rate hike cycle diminishes the outlook for the Australian dollar.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — The Japanese yen rose in volatile trade on Friday after the Bank of Japan said it will adopt a looser approach to its yield curve control policy, while broader Asian currencies recovered from some recent losses against a strong dollar. 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