Yen holds ground amid BOJ caution and Fed rate cut hopes

The Japanese yen hovered near 147.3 per dollar on Thursday, moving sideways as traders weighed the Bank of Japans cautious tone. The BOJ kept interest rates unchanged last week but raised its inflation forecast and flagged global trade risks. Minutes from its June meeting showed officials remain open to more tightening if overseas concerns ease. A weaker US dollar index, which slipped below 98, provided mild support to the yen as markets priced in growing chances of a Fed rate cut in September. Traders now await the weekly jobless claims data for more direction.

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