Yen weakens as odds of Japan rate hike dim, carry trade back in play

seekingalpha10-03

The yen has been under pressure after dovish remarks from Japan's newly-elected Prime Minister Shigeru Ishiba and central bank policymakers pushed traders to scale back bets of another interest rate ...

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Ueda said the BOJ would move cautiously on rate hikes. On Thursday, dovish BOJ policymaker Asahi Noguchi said the central bank should patiently maintain loose monetary conditions. To note, he'd opposed July's rate hike as he believed Japan's economy was vulnerable to downside risks.  The yen (USD:JPY) briefly dropped to around 147 against the U.S. dollar overnight, its lowest level in at least a month, but has since recovered to around 146.4. The yen posted its biggest drop in over two years on Wednesday after Ishiba's comments.  The benchmark Nikkei 225 Index (NKY:IND) ended 2% higher on Thursday, a day after it closed down 2.2%. \"It might be too early to completely rule out a December move, but it is now clear that would require a substantial inflation surprise,\" Francesco Pesole, FX strategist at ING, said about the BOJ's next policy decision.  The yen carry trade, which contributed to the global market meltdown in August, is regaining momentum as traders increasingly bet on the currency weakening further. \"It's back on,\" Nick Twidale at ATFX Global Markets told Bloomberg about the carry trade, adding that Ishiba \"is essentially giving us the green light to sell the yen for now.\"","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2472641486"}