Japanese yen at three-week low versus dollar; BoJ seems to be in no rush to hike rates

The Japanese yen slipped to a near three week low against the dollar on Tuesday as the US currency regained some ground after having slipped to a 14 month low in recent days after US Fed went ahead with a 50bps rate cut and sighted further cuts for the year ahead. Additionally, concerns that the Bank of Japan (BoJ) is not hurrying to raise interest rates further dampened the Japanese currency. BoJ Governor Ueda stated that Japan's real interest rate remains deeply negative, stimulating the economy and working to push up prices. He also said that "they will raise interest rate if the economy, prices move in line with forecasts shown in quarterly outlook report. Currently, the USDJPY pair is quoting at 144. The yen is down half a percent on the day against the dollar and at its lowest level in 3 weeks.

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