Currency slumped to a record low against the US dollar, selling for 447,000 rials on the unofficial market on Saturday

The tough stand by Japan's central bank to retain ultra-low rates appears to have cooled a hot market full of speculators who bet the Bank of Japan would drop its rates and bond yield policy

The Japanese yen fell on Wednesday after the Bank of Japan voted to keep its ultra-low interest rates and bond yield cap

Forex traders were ramping up bets on Monday that the Bank of Japan would further adjust its yield control policy, or even abandon it completely, while the dollar continued to fall

The Japanese yen shot up in early trading on Friday morning and Asian markets also rose, after US data showed a fall in inflation on Thursday

Regulators have asked banks to provide more convenient settlement services, to extend overseas yuan lending and 'encourage innovation in cross-border yuan settlement'

The onshore yuan was set to depreciate by 8.7% against the dollar for the year-to-date, its worst performance since 1994

Japan’s central bank surprised markets with its bond yield tweak which boosted the yen and cooled the red-hot US dollar’s charge

The Japanese yen hit a four-month high, while the Nikkei share index fell 2.5% after the Bank of Japan shocked markets on Tuesday by lifting the cap on bond yield controls.

Chinese are concerned over the uncertain economic outlook with Covid surging and Xi Jinping's "common prosperity" drive to cut income inequality, asset managers say

Stocks in China suffered their biggest fall in seven weeks, while Hong Kong, Tokyo, Sydney and most of Southeast Asia also declined. Indian markets, however, enjoyed a small rise.

The system has already been used by Russia following the imposition of sanctions on Moscow over the Ukraine war