Yen recovers on upbeat spending data and trade hopes

The Japanese yen staged a firm rebound in early electronic trading today, recovering from a sharp 1% decline in the prior session that had pushed it to 145.23. The recovery was supported by stronger-than-expected household spending data for May, reflecting the impact of recent fiscal stimulus. Sentiment also improved amid hopes of progress in JapanUS trade talks, with Tokyo firmly opposing a potential 25% tariff on its vital auto sector. Meanwhile, the dollar indexs retreat to 96.58 added to the yens upward momentum.

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