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Yen Gains 2% on Fed Intervention Doubts
The Japanese yen jumped approximately 2% against the dollar, reaching 160.20 yen per dollar amid speculation that the Bank of Japan will intervene to support the currency. It is expected that the bank will keep interest rates unchanged at 1% in its meeting on Friday, with the possibility of raising them in the coming months if inflation pressures increase and there are risks associated with the yen's decline. The bank faces a challenge in conveying a hawkish message to the markets without upsetting the government, which prefers an easing monetary policy, especially amid rising inflation driven by energy shocks and the impact of the war in the Middle East. The continued weakness of the yen is boosting import costs and increasing inflationary pressures on the Japanese economy, with investors carefully watching growth and inflation indicators to make decisions regarding potential future interest rate hikes.
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