Yen steady near 145.4 as weak data drags sentiment

The Japanese yen hovered close to 145.4 per dollar in Wednesdays electronic trades, stabilizing after three consecutive losing sessions. Fresh economic reports showed exports slipping in May for the first time in eight months, while imports shrank more than forecast, underscoring frail external demand. Adding to the concerns, Aprils core machinery orders dropped and manufacturing sentiment worsened in June, pointing to subdued domestic spending. The Bank of Japan maintained its policy rate unchanged on Tuesday and emphasized a cautious, step-by-step approach to trimming its balance sheet. Meanwhile, the dollar index stayed resilient at 98.21, supporting the greenbacks strength against major currencies.

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