Yen under pressure; Australian dollar slides as inflation slows

The yen remains under pressure against other major currencies, despite the possibility of Japanese authorities intervening to support it. The Australian dollar also dropped after inflation data showed a slowdown in May. Market expectations of the Bank of Japan maintaining ultra-low interest rates while other central banks tighten monetary policy have weighed on the yen. The dollar reached a seven-month high against the yen, while the euro climbed to a 15-year high. The Australian and New Zealand dollars also experienced falls. Traders are also monitoring the European Central Bank’s conference for insight into future rate hikes.