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NEW YORK/LONDON/SINGAPORE, July 24 - The dollar fell to its lowest in more than two months against the yen on Wednesday as short-yen carry trades were unwound ahead of next week's Bank of Japan meeting, with investors girding for a hawkish move to begin removing monetary stimulus.The dollar index , which measures the greenback against a basket of six currencies including the yen and the euro, was off 0.34% at 104.12. It briefly pared losses after S&P Global said that its flash U.S.
Sources said the Japanese central bank is likely to debate at its July 30-31 meeting whether to raise interest rates, and unveil a plan to roughly halve bond purchases in coming years. Over three-quarters of economists polled by Reuters expect the BOJ to stand pat this month and possibly next move in September or October, but sources suggested the outcome of the July 30-31 meeting was considerably less certain.
The dollar fell 1.56% to 153.16 yen, hitting its lowest since May 6. The euro marked its lowest price since May 8 and was down 1.36% at 166.56 yen."Even if the BOJ delivers something that's not quite as hawkish as the markets are now expecting, there is still the risk that the Ministry of Finance could step in and prevent weakness in the yen if it should occur," said Brian Dangerfield, FX strategist at NatWest Markets in Stamford, Connecticut.
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