Yen weakens past 148 as Powell tempers Fed easing hopes

The Japanese yen weakened by over 0.3% to 148.09 per dollar on Wednesday, reversing early-week gains as the greenback strengthened. Pressure came after US Federal Reserve Chair Jerome Powell signaled caution, noting that the rate-cut path remains uncertain amid sticky inflation and a softening US labor market. Domestically, Japans manufacturing activity shrank at the fastest pace in six months in September, while services growth slowed to a three-month low, reflecting fragile economic conditions. Investors are now awaiting Tokyo inflation data and the Bank of Japans July meeting minutes for fresh policy cues.

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