(Bloomberg) -- A rush by Japan’s life insurers to protect themselves against a stronger yen may have the paradoxical effect of accelerating gains in the currency.Most Read from BloombergMusk’s Neuralink Hopes to Implant Computer in Human Brain in Six MonthsGoldman Jolts Traders With Bonus Warning After Bumper HaulMusk Suspends Ye From Twitter After Offensive Image PostBeverly Hills Cop Was California’s Highest-Paid Municipal WorkerAn Arizona County’s Refusal to Certify Election Results Could Cos
(Bloomberg) -- Japan’s yen and Korea’s won spearheaded a surge in Asian currencies Thursday, as prospects for a slower pace of Federal Reserve rate hikes triggered broad weakness in the dollar.Most Read from BloombergMusk’s Neuralink Hopes to Implant Computer in Human Brain in Six MonthsAn Arizona County’s Refusal to Certify Election Results Could Cost GOP a House SeatScientists Revive 48,500-Year-Old ‘Zombie Virus’ Buried in IceFTX Missing Billions Remain Mystery After Bankman-Fried GrillingNew
The U.S. dollar slumped in early European trade Thursday after Federal Reserve chair Jerome Powell pointed to smaller rate hikes ahead, boosting risk appetite to the detriment of this safe haven. "Moderating the pace of rate increases may come as soon as the December meeting," Powell said in a speech on Wednesday at the Brookings Institution event in Washington. USD/JPY fell 1.1% to 136.50, dropping to a three-month low as U.S. yields fell in response to Powell's comments, with the benchmark 10-year yield dropping to a near two-month low of 3.6%.