The growing complacency among foreign-exchange traders is handing Bank of Japan Governor Haruhiko Kuroda an opportunity to get the maximum effect should he choose to ease monetary policy further.
UBS AG, Switzerland’s biggest bank, said it hired Daisaku Ueno as a currency strategist based in Tokyo.
Australia’s dollar dropped, poised to match its longest run of weekly declines in seven years, amid speculation the nation’s central bank will take steps to curb currency strength.
Mitsubishi UFJ Financial Group Inc., Japan’s largest bank, said it will hire Daisaku Ueno from UBS AG and Takashi Nakagawa from Daiwa Securities Group Inc. to bolster research on bonds and currencies.
The dollar held a two-week gain versus the yen before Federal Reserve officials speak amid signs the U.S. economy may be strong enough for the central bank to taper monetary stimulus.
New Zealand’s dollar remained higher against the Australian currency as data from the smaller nation showed a gauge of manufacturing climbed to a nine-year high and job advertisements increased.
The Dollar Index rose for a second day before Federal Reserve of St. Louis President James Bullard speaks today amid speculation the central bank will slow monetary stimulus as the economy improves.
The yen rose against the euro and the majority of its major peers as technical indicators signaled the pace of recent weakening has been too quick.
Daisaku Ueno, president of Gaitame.com Research Institute Ltd. in Tokyo, commented on Japan’s intervention in the foreign exchange market to halt the yen’s rise after the currency reached a post-war high against the dollar earlier today.
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"Japan's recovery is not looking very solid, leading to a strong yen amid a rise in risk aversion."
- Daisaku Ueno on Feb 16, 2014