India, June 10 -- The Japanese yen recovered from early lows against other major currencies in the European session on Tuesday, as traders speculate that the Bank of Japan (BoJ) will hike interest rates this year.
In a speech today at the parliament, the Bank of Japan Governor Kazuo Ueda said the central bank will continue to raise interest rates, if it becomes more convinced that underlying inflation will reach its 2 percent target.
"Once we have more conviction that underlying inflation will approach 2 percent or hover around that level, we will continue to raise interest rates to adjust the degree of monetary support," Ueda said.
In economic news, data from the Japan Machine Tool Builders Association, or JMTBA, showed that Japan's mac...