The yen found little respite on Wednesday despite a weaker greenback. Trump considers to sending details of the agreement with Iran to members of Congress, as lawmakers from both parties are raising questions.
Japan's exports in May grew at their fastest pace since November 2022, driven by robust demand for cars and semiconductors. Imports hit the highest growth since January 2025, but missing estimates.
Manufacturers' sentiment improved for the second consecutive month in June, as persistent chip demand supported chemicals and machinery makers, the latest Reuters Tankan survey showed.
The BOJ raised its policy rate to the highest in over 30 years at 1% as expected, accelerating policy normalization started in 2024. That came as the weaker yen takes a toll on consumer spending.
After reportedly lashing out 11.7 trillion yen on intervention in May, the yen still weakened again, touching the 160 per dollar mark and languishing at that level for most of June.
Barclays says the yen was used as a funding currency for carry trades given Japan's low real rates. It sees immediate intervention as unlikely, citing high volatility and lengthy struggle around 160 per dollar.
EBC Financial Group analyst said the yen was in a bearish consolidation phase. Buying the retests of 160.32 per dollar or waiting for a confirmed breakout above 160.52 per dollar offers the highest probability setups.
Asset recap
As of market close on 16 June, among EBC major products, Owens Corning shares led gains. The firm is rolling out QuietR Rotary Duct Liner Next Generation to support efficient and sustainable fabrication and installation.
Semiconductor stocks retreated significantly. Intel has begun production of its most-advanced chip node, bringing the company one step closer to a possible deal to make some chips for Apple devices.
US natural gas moved higher as traders began pricing in the risk of simultaneous strength in power sector demand and LNG feedgas consumption later this summer.
EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Global Financial Collaboration or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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