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The Yen Bounces after 13-Day Slide and BOJ Defends Yield Cap
The record-long yen slide has stalled just shy of JPY129.50, even though the Bank of Japan defended its Yield-Curve Control cap on the 10-year bond and will continue to do so for the next four sessions. The greenback fell to almost JPY128 before steadying. China again defied expectations for lower rates (loan prime rate), the yuan's sell-off acceleration and slide to its lowest level since last October. Chinese and Hong Kong shares fell, but most of the other large markets Asia Pacific advanced. The Stoxx 600 is firmer in Europe, but US futures are off 0.5%-1.0%. The Swedish krona and Australian dollar lead the major ... (full story)