Yen Firms to High ¥152s in New York After Softer U.S. CPI
Rate-cut expectations lowered Treasury yields to narrow the U.S.–Japan differential.
Overview
- At 5 p.m. in New York on Feb. 13, the dollar traded at ¥152.63–73, leaving the yen about 10 sen stronger versus the prior close.
- The U.S. January consumer price index came in below market expectations, prompting fresh yen buying.
- U.S. long-term yields fell after the data as investors priced continued Federal Reserve rate cuts, favoring yen over the dollar.
- Quotes earlier in New York were around ¥153.05–15, after Tokyo levels near ¥153.39–41 as profit-taking had supported dollar buying.
- BOJ board member Naoki Tamura emphasized the need for rate hikes, though traders said his comments had little impact on the day’s trading.