Japan rate hike weakens yen as Warren Buffett steps down from Berkshire chair

  • Japan’s rate hike triggered a sharp overnight weakening of the yen.
  • Japan raised interest rates to a three-decade high this week.
  • Warren Buffett will step down as Berkshire Hathaway chairman today.

The Fed dominated headlines this week, but Japan also raised interest rates, taking its policy rate to a three-decade high. The move was viewed as less convincing and triggered a sharp overnight weakening of the yen. The United States recently intervened alongside Japan to support the currency because of potential knock-on effects. American markets appeared to be taking the development in stride, with stocks positioned for another gain and bond yields stable. The day also marked Warren Buffett’s planned departure as chairman of Berkshire Hathaway.

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