Yen braces for BOJ decision; Aussie tumbles after inflation data
SINGAPORE -The yen hovered near a 2-1/2-month high on Wednesday ahead of a Bank of Japan policy decision in which investors expect plans to taper its huge bond-buying program and hints as to when it will raise interest rates.
In China, manufacturing activity shrank in July for a third month, keeping alive expectations of further economic stimulus measures. It jumped 0.8% in the previous session after reports that the BOJ is considering raising short-term interest rates to around 0.25%. "On the other hand, with markets already pricing in slightly more than 25bp worth of cuts in September, the Fed may find it hard to push back against these expectations."
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