Yen drifts lower from 2-1/2-month peak vs dollar as markets stabilize

"The Japanese yen is flatlining on diminished safe-haven demand, and the speculative fervor behind its recent bull run seems to be running out of steam," said Karl Schamotta, chief market strategist at Corpay in Toronto. "We think markets have gotten a little too far over their skis given that underlying economic fundamentals don't yet support a rapid tightening cycle from the Bank of Japan, and that rate differentials will remain wide even if the Fed begins cutting in coming months." Reuters: Yen drifts lower from 2-1/2-month peak vs dollar as markets stabilize