Yen tumbles on Bank of Japan’s latest policy decision
The MSCI All-World index was up 0.2%, around its highest since mid-April 2022.
With non-U.S. rates now starting to catch up with the Fed funds rate, the dollar is heading for a 1.3% drop this week, its largest since mid-January. “But markets are overweighting the weekly claims data at the moment, since they’re one of the most timely indicators we get, and would therefore be one of the first to show if the labour market is beginning to crack,” he said.
In the currency markets, the yen fell by as much as 0.8% against the dollar after the BOJ maintained its -0.1% short-term interest rate target and a 0% cap on the 10-year bond yield set under its yield curve control policy, as markets expected. “Anyone who shorts the yen should know that if it gets much weaker, the Japanese government will likely intervene quickly and with little warning.”
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