Yen bounces back on Trump led Iran-Israel ceasefire

The Japanese yen rebounded to around 145.5 per dollar on Tuesday as the dollar weakened after President Trump announced a ceasefire between Israel and Iran, calling it The 12-Day War. Markets shrugged off Irans minor strike on a US base in Qatar, which caused no casualties, and found relief as Tehran avoided blocking the vital Strait of Hormuz. Domestically, the Bank of Japan kept its benchmark rate steady at 0.5% but signaled it could hike again, citing sticky core inflation from firms passing wage gains to prices. The US dollar index fell further to around 97.69, lending support to the yens recovery.

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