The
yen’s gains versus the dollar are faltering as the Bank of Japan holds
its first of two policy meetings this month, with markets focusing on
whether the central bank will signal a willingness to further ease
policy amid global economic slowdown and deflationary pressures.
The
Japanese currency paused Wednesday after gaining against the greenback
on Tuesday when the dollar’s broad gauge posted its longest slide since
the market turmoil of August, with last week’s jobs data fueling
speculation the Federal Reserve won’t raise interest rates this year.
Japan’s currency is little changed since Sept. 30 after posting its
first two-month gain since June 2014. San Francisco Fed President John
Williams, for a third time in just over a week, reiterated on Tuesday
his support for a liftoff in 2015. The yen has benefited less than many
peers from dollar weakness amid speculation the BOJ will ease later this
month.
The
yen was little changed at 120.25 per dollar as of 8:51 a.m. in Tokyo.
It gained 0.2 percent on Tuesday. Over the past month, the dollar has
risen about 0.8 percent against the yen while losing about 0.9 percent
against the euro.
Bloomberg’s
Dollar Spot Index, which tracks the currency versus 10 major peers, was
at 1,201.88 from 1,200.72 in New York when it declined for a fourth
day, the lengthiest stretch since Aug. 19-24, when China’s devaluation
caused a global financial rout.
The
BOJ is expected to announce no policy changes when it concludes a
two-day meeting on Wednesday in Tokyo. Fifteen of 36 economists forecast
the bank will add to its already unprecedented easing at the meeting on
Oct. 30, a Bloomberg survey showed.
Source : Bloomberg
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