Yen Rebounds From 34-Year Low, Stocks Hold Steady: Markets Wrap

A 34-year low was broken by the yen due to rumours that Japanese authorities were getting ready to step in and help the currency. As traders were ready for the end-of-quarter rebalance, stocks stayed put.

In their first three-way meeting since late May, representatives from the Financial Services Agency, the Bank of Japan, and the Ministry of Finance in Japan convened to talk about markets. After the meeting, Masato Kanda, Japan’s top currency official, stated that he believes speculative moves are to blame for the yen’s decline and promised to take proper action against extreme swings. Early London trading saw a 0.2% increase in the value of the yen.

Europe’s Stoxx 600 Index fell 0.1% in the equity market, although S&P 500 futures contracts increased.