The Yen, moved because of the intervention of the Bank of Japan.
YEN CHALLENGE
The BOJ's aggressive efforts to cap yields pushed the yen to six-year lows against the dollar, which could add to the strains facing households and retailers by inflating already soaring raw material import costs.
Finance Minister Shunichi Suzuki said Tokyo was carefully watching currency moves to avoid a "bad" yen fall that hurts the economy, though market reaction to the comment was muted.
The yen's decline likely won't discourage the BOJ from defending its yield cap, said Toru Suehiro, senior economist at Daiwa Securities.
"The BOJ's message to prevent interest rate rises is a very strong one with no consideration to the weak-yen effect its action could cause," said Suehiro.
Deputy Chief Cabinet Secretary Seiji Kihara, among the closest aides to Prime Minister Fumio Kishida, said on Sunday the BOJ must maintain its massive stimulus as dealing with cost-push inflation with policy tightening is difficult.
In a sign fiscal policy will play a bigger role in cushioning the blow from rising raw material costs, Kishida ordered his cabinet on Tuesday to compile a fresh relief package.
GBPJPY
The BOJ's aggressive efforts to cap yields pushed the yen to six-year lows against the dollar, which could add to the strains facing households and retailers by inflating already soaring raw material import costs.
Finance Minister Shunichi Suzuki said Tokyo was carefully watching currency moves to avoid a "bad" yen fall that hurts the economy, though market reaction to the comment was muted.
The yen's decline likely won't discourage the BOJ from defending its yield cap, said Toru Suehiro, senior economist at Daiwa Securities.
"The BOJ's message to prevent interest rate rises is a very strong one with no consideration to the weak-yen effect its action could cause," said Suehiro.
Deputy Chief Cabinet Secretary Seiji Kihara, among the closest aides to Prime Minister Fumio Kishida, said on Sunday the BOJ must maintain its massive stimulus as dealing with cost-push inflation with policy tightening is difficult.
In a sign fiscal policy will play a bigger role in cushioning the blow from rising raw material costs, Kishida ordered his cabinet on Tuesday to compile a fresh relief package.
GBPJPY
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