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The yen weakened to 151 per dollar on Tuesday after the Bank of Japan set 1.0% as a new reference point for 10-year government bond yields. The market had not treated the change as a true end to ultraloose policy, and a revelation that Japan did not intervene in October added to the selling.
With no intervention and no clear end to ultra-loose policy, the yen's weakness is likely to persist, raising Japanese import costs for dollar-priced feed inputs.
asia.nikkei.comAKIRA KITADOOct 31, 2023Not 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.
