Yen slips after rallying on suspected intervention, stocks mixed

HONG KONG: The yen weakened Thursday (May 2) following another surge against the dollar that fuelled speculation Japanese authorities had intervened for a second time this week, after Federal Reserve boss Jerome Powell warned interest rates would stay higher for longer.

Powell's remarks, however, were tempered by his assurance that borrowing costs would not likely be hiked again, soothing worries in some quarters that the bank's battle to bring inflation back to its two per cent target would need to be stepped up.