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Yen squeezed as hawkish turn grips central banks
SINGAPORE: The yen was under pressure from a firm dollar on Tuesday as traders wagered on policymakers in Japan struggling to keep up with a hawkish turn by global central banks, leaving the country’s interest rates at a wide gap with major peers. Moves were contained thanks to a holiday in Japan and because of the risk of intervention, after the Nikkei newspaper reported Japan checked dollar/yen rates on Friday. Such a move is often a precursor to stepping into the market. After drifting lower on Monday, the yen traded at 157.33 versus the dollar early on Tuesday, while broader financial...
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