The Japanese yen eased to around 148.85 per dollar on Tuesday, snapping a two-day rally as investors weighed mixed signals from the Bank of Japan. The September meeting summary revealed a split, with some policymakers supporting further rate hikes if growth and inflation remain steady, while others preferred keeping policy loose to offset the drag from US tariffs. Weak economic data added pressure, with Japans retail sales falling 1.1% in August, missing expectations for growth and marking the first decline since early 2022, while industrial output also disappointed. Meanwhile, the dollar index slipped under 98 amid concerns over a looming US government shutdown. Markets now await Septembers nonfarm payrolls, job openings, private payrolls and ISM manufacturing PMI for clearer cues on the labor market and Fed policy outlook.
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