The U.S. dollar hovered near a 7-1/2-month high against the Japanese yen after the heads of the respective central banks reaffirmed the stark divergence in their policy paths at a European Central Bank conference overnight. | Reuters
The ministry of finance and BOJ intervened in the currency market last autumn when the dollar strengthened beyond 145 yen.For intervention, “the threshold may be higher this time because there’s just less public criticism of yen weakness right now,” due to a backdrop of a rising stock market, lower energy price pressures, and the return of foreign tourists, said Shinichi Kadota, senior FX strategist at Barclays in Tokyo.
The U.S. dollar index – which measures the currency against six major peers, including the yen, euro and sterling – was little changed at 102.94, after climbing 0.46 percent overnight. Elsewhere, the Australian dollar largely shrugged off stronger than expected retail sales data for May. The currency was last up 0.3 percent at $0.66205, regaining some composure following Wednesday’s 1.27 percent tumble.The Reserve Bank of Australia decides policy next week, and a sharp drop in headline inflation in a report released on Wednesday saw traders paring the odds of another rate increase.
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