A sheet of newly-designed Japanese 10,000 yen banknotes at the National Printing Bureau Tokyo plant in Tokyo, Japan, on Wednesday, June 28, 2023.
Kiyoshi Ota | Bloomberg | Getty Images
The yen strengthened on Monday as comments from Bank of Japan, or BOJ, Governor Kazuo Ueda stoked hopes that Japan could soon herald a new era away from negative rates, while the dollar was on the back foot ahead of this week’s U.S. inflation reading.
The Japanese currency rose nearly 0.8% at one point to touch a session-high of 146.66 per dollar in early Asia trade, boosted by weekend comments from Ueda that the central bank could end its negative interest rate policy when achievement of its 2% inflation target is in sight.
Ueda told the Yomiuri newspaper in an interview that the BOJ could have enough data by year-end to determine whether it can end negative rates.
The yen has come under immense pressure…
