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USD/JPY stays below 98 as Japan Ministers Dampen Tax Cut Talks

The dollar slipped against the yen on Thursday after Japanese ministers shot down a media report earlier this week that Tokyo is considering cuts in corporate tax, triggering broad weakness in the greenback in thin trading.

The dollar was also hemmed in by underlying uncertainty on when the Federal Reserve might start trimming its stimulus, while the euro and sterling drew support from better economic news at home.

The dollar fell 0.3 percent to 97.75 yen, down more than a half yen from the day’s high, after Japan’s powerful chief government spokesman Yoshihide Suga and Finance Minister Taro Aso both downplayed the story by Nikkei business daily that the government is considering lowering the corporate tax rate.

CNBC [1]

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