Japan's Strong Services Growth Helps Lift Yen

Dow Jones
2 hours ago

1102 GMT - Japan's latest services sector purchasing manager index data showed robust growth in August, raising the prospects of the Bank of Japan increasing interest rates in September and offering support to the yen, Deutsche Bank Research strategists say in a note. The services data, along with speculation of possible intervention by Japanese authorities, boosts the yen against the dollar. The dollar falls 1.5% to 156.33 yen, after hitting a one month-low of 156.15 yen earlier, LSEG data show. "The market is on watch with chatter that intervention could occur around the thin trading conditions of the 'Silver Week' holidays," the strategists say. Japan's Silver week will run from Sept. 19 to Sept. 23.

 

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