FirstFT: Japanese yen falls to a 20-year low


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The Japanese yen fell to a brand new 20-year low towards the greenback on Wednesday, pushed down by expectations that the Bank of Japan will defy international traits and maintain financial coverage unfastened.

The yen dropped as a lot as 1.4 per cent towards the US forex, taking it previous ¥134 per greenback. It has declined roughly 4 per cent this month and has in current days neared its weakest degree since early 2002.

The transfer got here after the governor of the BoJ stated that customers had turn out to be “more tolerant” of worth rises, feedback that he later retracted. Speaking on the FT’s Global Boardroom occasion, Haruhiko Kuroda stated {that a} weakening yen would increase the earnings of Japanese firms.

In stark distinction to different main central banks, the BoJ has determined towards tightening financial coverage in current months.

“The dollar has seen a meteoric rise versus the Japanese yen over the past three months as the Bank of Japan maintains a dovish policy stance relative to the Federal Reserve,” strategists at Bespoke Investment Group stated on Wednesday.

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People prepare to receive a Covid vaccine
Many governments are nonetheless debating who ought to obtain a fourth dose of a Covid vaccine © Micah Green/Bloomberg

The day forward

China commerce stability figures Data for May is about to be launched as we speak. Earlier this week, information confirmed that the US commerce stability narrowed by essentially the most in additional than 9 years. The drop in imports is probably going, no less than partially, brought on by lockdowns in China because of Covid-19. (Reuters)

ECB ends simple cash period When Christine Lagarde units out the European Central Bank’s plans to finish eight years of bond-buying and unfavourable rates of interest, she will be able to depend on the assist of the overwhelming majority of her fellow rate-setters.

January 6 committee hearings On Thursday the House committee investigating the January 6, 2021 assault on the Capitol will share what it has realized. Here’s how one can watch. (WaPo)

  • Opinion: The spirit of Watergate shall be lacking from audiences for the televised January 6 hearings, writes Edward Luce.

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Is the worldwide housing market heading for a downturn? Interest charge rises are cooling home worth development in each Europe and the US, however consultants cite a number of causes for relative optimism. Experts anticipate charge rises to finish the speedy, two-year surge in home costs and worth development to decelerate sharply.

A house price growth graphic

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A brand new pop music represents Iran’s efforts to embrace the younger “Hello Commander! Hello from this fearless left behind generation.” The Islamic republic’s newest revolutionary hymn might lack one thing in terms of creative benefit, however the authorities appears to hope it should assist create a loyal new era.


As international financial forces are taking part in havoc with inventory, Leo Lewis recounts his struggle along with his household over a PS5, and weighs in on the family debate over getting a brand new console.

A PS5 console
© Akio Kon/Bloomberg

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