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Market Update: Japanese Yen Trades at 3-Month Lows
The Japanese Yen fell 0.168 points or 0.15% to 110.777 on Wednesday, trading at 3-month lows. Sentiment for the Yen weakened further amid weaker than expected local data, while BoJ minutes from its April meeting showed that policymakers agreed that the massive stimulus measures deployed by advanced nations may help quicken the pace of recovery in the Japanese and global economies. The upbeat assessment reinforced market expectations that the central bank will keep monetary settings unchanged for the time being. In the US, Federal Reserve Chair Jerome Powell on Tuesday noted that officials would not raise interest rates based only on the fear of coming inflation. Local 10-year bond yields were at 0.052% while US 10-year rates were at 1.463%. Among preliminary data, the au Jibun Bank Manufacturing PMI fell to 51.5 in June 2021 from a final 53.0 a month earlier, the weakest reading since February, amid renewed curbs in some parts of the country following the latest wave of COVID-19. [/s2If]
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