Yen recovers from a nine-month low against dollar

The Japanese yen has gained over half a percent against the dollar on Tuesday after Finance Minister Satsuki Katayama reiterated that authorities are monitoring rising volatility in foreign exchange markets with a strong sense of urgency, warning against sharp, one-sided currency moves. Besides, Bank of Japan (BoJ) Governor Kazuo Ueda's hawkish hints last week, signaling the possibility of a rate hike in December or January next year provided a strong boost to the JPY. However, dollar strength overseas amid reduced bets of a December rate cut could limit gains in JPY and support the USD/JPY pair which is currently seen quoting at 153.46, down 0.5% on the day and off a near nine-month high above 154 mark.

 

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