USD/JPY Tumbles as US Treasury Doubles Bond Buybacks
The US Dollar (USD) has lost ground against the Japanese Yen (JPY), falling to near 158.90 during Asian trading hours on Wednesday. The US Treasury's bond buyback programs have weighed heavily on the USD, with the Department of the Treasury doubling its operations to at least $4 billion per operation.
This move has raised concerns about the national debt surpassing $40 trillion and dragged the Greenback lower. Two senior Treasury officials stated that the Treasury could use its near $1 trillion General Account to help fund its plans to increase purchases of government bonds.
The Bank of Japan (BoJ) announced that Governor Kazuo Ueda will not attend the US Federal Reserve's annual Jackson Hole gathering this week due to a schedule conflict. BoJ board member Naoki Tamura will attend on his behalf.