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SINGAPORE/LONDON, Sept 11 - The yen jumped on Monday as comments from Bank of Japan Governor Kazuo Ueda stoked hopes that Japan could soon herald a new era away from negative rates, while the dollar slid ahead of this week's key U.S. inflation reading.
Ueda told the Yomiuri newspaper in an interview that the BOJ could have enough data by the end of the year to determine whether it can end negative rates. Since the yen weakened past the 145 per dollar threshold last month, traders have been on alert for any signs of intervention from Japan to shore up the currency. A year ago, that level prompted the first yen-buying intervention by the authorities since 1998.
The greenback, along with U.S. Treasury yields, had surged last week after a run of resilient economic data added to bets that further rate hikes from the Fed may be on the horizon. TURN OF TIDE? China's onshore yuan pulled away from Friday's 16-year low after the central bank on Monday set the daily midpoint guidance with the strongest bias on record, signalling increasing discomfort with the currency's recent weakness.
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