Dollar weakens as yen rebounds from near 40-year low

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The US dollar weakened today, in contrast to the yen which recovered after plunging to a nearly 40-year low. As of 10:55 PM Thai time, the dollar index fell 0.06% to 101.116, while the dollar dropped 0.12% to 1.141 per euro and weakened 0.04% to 163.09 yen. The yen bounced back after trading near a 40-year low of 163.24 yen per dollar, following reports that Bank of Japan officials are open to raising interest rates sooner than most economists expect. Meanwhile, Japanese Finance Minister Satsuki Katayama said authorities are ready to take decisive action to curb excessive yen weakness, after the government intervened in the market in April and May when the yen weakened past 160 per dollar. However, analysts view such intervention as barely able to change the yen's long-term weakening trend, as the main causes are dollar strength and the Bank of Japan's maintenance of low interest rates. Fabian Yip, market analyst at IG, said intervention buys time but cannot reverse the trend, and without real policy change from the Bank of Japan, intervention will only be a temporary volatility dampener. Meanwhile, strategists at Bank of America Global noted that for the first time in years, they see no investors with a positive outlook on the yen.

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