Japan's new prime minister has just taken office and turned dovish? Mentioned that it is not suitable now to further raise interest rates, the yen fell nearly 2% at one point.
Commentators say that this is the clearest stance Shinzo Abe has taken against further rate hikes to apparently break away from his hawkish monetary policy reputation. Analysts say this encourages investors to rebuild short positions on the Japanese yen. Following the first meeting with Shinzo Abe, Bank of Japan Governor Haruhiko Kuroda stated that the central bank is supporting the economy through loose monetary conditions and will be cautious in deciding whether to raise rates further.
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The market is concerned about the central bank continuing to raise interest rates.