(Bloomberg) — The yen slumped to its lowest level in 2024 after Bank of Japan officials ended the world’s last negative interest-rate regime, with currency traders focusing on the gap that remains between Japanese and US interest rates.
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The Japanese currency on Tuesday fell as much as 1.2% to touch 150.95 per dollar, the weakest mark since Nov. 16. While BOJ Governor Kazuo Ueda noted in his press conference that risks of prices rising too much could result in a further rate hike, he said it’s important to keep conditions accommodative to support the economy.
The yen’s weakness is an indication that — at least in foreign-exchange markets — traders are still concentrating on the relative pickup in yields that’s available in other geographies compared to Japan.
“We did not receive any clear signals on future rate hikes from the governor,” said Yusuke Miyairi, a London-based foreign-exchange…
