The yen remained under pressure on Friday as investors wagered the Bank of Japan (BOJ) would wrap up a policy meeting sounding cautious on further tightening, while the U.S. dollar had its own problems as markets priced in more rapid U.S. rate cuts.
Most Asian stocks rose in choppy trade on Thursday amid some cheer over an outsized interest rate cut by the Federal Reserve, while Japanese markets surged as the yen weakened before a Bank of Japan meeting.
Oil prices rose on Thursday after a large interest rate cut from the U.S. Federal Reserve, but concerns over global demand lingered and capped gains.
The U.S. dollar rose broadly on Thursday, reversing a brief tumble in the immediate aftermath of the Federal Reserve's outsized interest rate cut that had been largely priced in by markets.
The dollar ceded some of its overnight gains on Wednesday while Asian stocks put in a mixed display as traders weighed the odds of a super-sized Federal Reserve interest rate cut later in the day.
Oil prices steadied on Wednesday, after rising in the previous two sessions, as investors await the U.S. Federal Reserve's anticipated interest rate cut, with the potential for more violence in the Middle East supporting the market.