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The yen weakened as much as 2.5% to 147.90 per dollar after Bank of Japan Deputy Governor Uchida's comments, then pared its loss to about 146.81. The dovish signal reduced bets on further rate hikes.
The move followed a sharp yen rally earlier in the month.
A dovish BOJ reduces expectations of yen appreciation, which lowers the pressure on carry-trade unwinds. The effect on feed-commodity prices is indirect.
bloomberg.comMia Glass, Daisuke Sakai, Anya AndrianovaSep 1, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
