The U.S. dollar hovered in the lower
The euro was quoted at
An overnight rise in U.S. Treasury yields failed to spark any buying of the dollar on expectations of widening interest rate gaps. The yield on the benchmark 10-year bond has been slow to bounce back from an 11-month low hit on
"It would have been a reason to buy the dollar if there was more upward momentum in the dollar-yen pair," said
"Even if you bet on the dollar now, there's no guarantee you'll be able to offload it at say, above
The BOJ is widely expected to hold off on announcing further monetary stimulus at its two-day meeting amid signs of an improvement in the Japanese economy.
Expectations for more easing waned after prices in
The BOJ estimates the recent 3-percentage-point consumption tax hike accounts for 1.7 percentage points of that gain, meaning prices are moving closer to the central bank's goal of 2 percent inflation.
"We've changed our previous outlook that the BOJ will ease in July to no further easing at all," Kadota said.
The euro on Wednesday slowed its downtrend against the dollar and the yen triggered by the
"The euro will continue on a gradual decline leading up to the start of the TLTROs in September and December," Kadota said, referring to targeted longer-term refinancing operations designed to provide eurozone banks with money to lend out.
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