Overview
- Reuters reported the yen fell to about 157 per dollar after Finance Minister Satsuki Katayama said her meeting with BOJ Governor Kazuo Ueda did not specifically address foreign exchange, even as officials pledged to watch markets with urgency.
- A Reuters poll showed a slim majority of economists expect the BOJ to raise rates to 0.75% in December, arguing the yen’s slide heightens imported inflation risks despite political pressure to tread cautiously.
- BOJ board member Junko Koeda signaled the need to continue policy normalization and to monitor wage trends and FX volatility, but the yen weakened further and Japanese government bond yields climbed to multi‑year highs.
- Fed minutes indicated “many” policymakers oppose a December cut, driving the dollar index higher as the euro, sterling, Aussie and kiwi fell, with futures pricing putting the probability of a December U.S. cut below 25%.
- Nvidia posted a strong quarter and raised its outlook, lifting equity sentiment, yet the yen remained the weakest G10 currency as investors weighed Japan’s reported ¥20 trillion‑plus stimulus plan and the prospect of intervention only if moves accelerate toward 160.