Ella 
The yen held steady despite the Bank of Japan’s (BoJ) announcement on Thursday that it would keep the size of Japanese government bonds (JGB) unchanged from its previous operation. The BOJ cut purchases of 5- to 10-year maturities in a scheduled operation more than a month ago.
Japan’s Purchasing Managers Index (PMI) data showed private sector growth hit a nine-month high in May as manufacturing activity resumed expansion, which failed to boost the yen.
The U.S. dollar (USD) remains slightly weaker ahead of Thursday’s U.S. Purchasing Managers Index (PMI) data. However, the U.S. dollar rebounded on Wednesday as the Federal Reserve released the minutes of its latest policy meeting.
Federal Reserve (FED) policymakers have expressed concerns about slow progress in inflation, which remains elevated beyond initial expectations for early 2024. Therefore, the Fed is cautious about advancing interest rate cuts.
