The U.S. dollar hovered near a 7-1/2-month high against the Japanese yen.
The ministry of finance and BOJ intervened in the currency market last autumn when the dollar strengthened beyond 145 yen.For intervention, "the threshold may be higher this time because there's just less public criticism of yen weakness right now," due to a backdrop of a rising stock market, lower energy price pressures, and the return of foreign tourists, said Shinichi Kadota, senior FX strategist at Barclays in Tokyo.
"I'm not going to rule anything out, because they always try to surprise" when they intervene, he added. "But for it to have a sustainable effect, the underlying driver - which is monetary policy - also has to turn ... and that monetary policy divergence is unlikely to change anytime soon." The U.S. dollar index, which measures the currency against six major peers, including the yen, euro and sterling - was little changed at 102.94, after climbing 0.46% overnight.edged up 0.07% to $1.26445, clawing back a little of the previous session's 0.88% tumble.largely shrugged off stronger than expected retail sales data for May. The currency was last up 0.3% at $0.66205, regaining some composure following Wednesday's 1.27% tumble.
The Reserve Bank of Australia decides policy next week, and a sharp drop in headline inflation in a report released on Wednesday saw traders paring the odds of another rate increase. China's yuan was not far from Wednesday's 7-1/2-month low of 7.2694 per dollar in offshore trading. Investors are watching carefully for the central bank's next move after the official exchange rate was set in line with market projections, breaking a two-day run of firmer-than-expected fixings.
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