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The yen gained against the dollar as risk aversion hit markets, with USD/JPY settling at 156.85 from 157.40. Japan's 10-year yield reached 1.1% for the first time since 2011 before settling at 1.05%.
BOJ board member Seiji Adachi said the central bank may raise rates if the yen falls sharply and fuels inflation.
A firmer yen and the BOJ's readiness to hike lower the dollar cost of imported feed for Japanese buyers. Rising Japanese yields also reduce the rate gap that has been driving yen weakness.
fxstreet.comMichael MoranMay 31, 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.
