(Bloomberg) -- The yen is rebounding rapidly after tumbling last month to its weakest level in four decades and there could be more turbulence ahead if the currency echoes its behavior from previous tumultuous episodes.Most Read from BloombergApple to Lose 6 Million iPhone Pros From Tumult at China PlantNext Covid-19 Strain May be More Dangerous, Lab Study ShowsThere’s a Job-Market Riddle at the Heart of the Next RecessionStocks Hit by Fedspeak as China Woes Boost Havens: Markets Wrap“The potent
(Bloomberg) -- Japan’s trade deficit widened in October, as the country’s import bill continued to rocket upward, fueled by a historic slide in the yen that has already helped push the economy back into reverse.Most Read from BloombergXi Looks Away From Putin Toward West in World Stage ReturnGOP Retakes US House by Slim Margin in Washington Power ShiftUkraine Latest: Biden Says Missile Likely Not Fired From RussiaElizabeth Holmes Says US Is Wrong to Suggest She Marry Her Partner to Pay DebtsXi C
Japan’s yen has powered back from 32-year lows on speculation the US central bank will slow its rate increases, stirring hopes among some analysts that a period of historic weakness is coming to an end. In the past three weeks, the yen has risen from ¥151.94 against the dollar to about ¥139, with most of those moves taking place during US market hours as investors scrutinise signals from the Federal Reserve that it could slow the pace of future rate rises. The yen’s sharp fall in recent months has caused alarm in Japan as rising bills of imported commodities and food caused the economy to contract in the July to September quarter, the first time in a year.