ForexLive Asia-Pacific FX news wrap: Yen rebound on Kato comment; China signal CNY support ...Middle East

ICYMI China SASAC calls for advancement of major projects aligned with national prioritiesChina is building megaports in South America to feed its need for cropsBoJ Dep Gov Uchida says there is upside & downside risk from US tariffs on Japan's pricesAustralian April business confidence -1 (prior -4)PBOC sets USD/ CNY central rate at 7.1991 (vs. estimate at 7.2180)Japan finance minister Kato wants to discuss FX with BessentAustralia Westpac Consumer Sentiment (May 2025) +2.2% (prior -6.0%)BoJ April Summary shows uncertainty a high priority discussion itemChina’s foreign minister meets Brazil counterpart in Beijing"The Trump Put is alive and well" says BofA after US - China trade ceasefire boosts stocksU.S. Trade Representative Greer: If things don’t work out, China tariffs can go back upUK April consumer spending shows its biggest increase since June 2023Deutsche sees first Fed cut in December despite trade reliefCiti trims near-term gold target, sees consolidation at $3,000–$3,300/ozICYMI - Citi forecasts a July Federal Reserve rate cut instead of in JuneForexlive Americas FX news wrap: Massive across the board on trade war reliefTrump's Hassett says there are 24 countries lined up for trade talks over the next weeksGoldman Sachs expect a Federal Reserve rate cut now in December, instead of in JulyUS stocks close sharply higher on US China tariff newsTrade ideas thread - Tuesday, 13 May, insightful charts, technical analysis, ideas

The Japanese yen found some relief, rebounding from early highs above 148.40 to around 147.75. The move was spurred by comments from Japan’s Finance Minister Kato, who said he hopes to speak with U.S. Treasury Secretary Bessent on FX matters during the upcoming G7 meetings in Banff, Canada (May 20–22). The remarks were seen as a subtle warning about the yen’s recent weakness and a possible prelude to verbal intervention.

BoJ Deputy Governor Uchida echoed the theme of uncertainty in separate remarks, but reiterated that the Bank still expects to raise rates gradually if the economy and inflation evolve as forecast.

Australian data offered a slightly improved but still cautious tone. Consumer confidence edged higher from previous lows, while business confidence ticked up modestly. Business conditions, however, slipped on the month.

Elsewhere in FX, major currency pairs excluding the yen traded in tight ranges.

This article was written by Eamonn Sheridan at www.forexlive.com.

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