The BOJ may delay raising its benchmark lending rate beyond August on concern turmoil in international credit markets will slow global economic growth, said Michael Malpede, a senior currency analyst in Chicago at Man Global Research. A crisis that began in the subprime mortgage market, when borrowers with poor credit began defaulting on their home loans, spread globally in the past eight weeks, sapping demand for corporate bonds, stocks and commercial paper. Policy makers kept their benchmark rate, the federal funds rate target for overnight loans between banks, at 5. The dollar gained this week against all 16 major currencies except the yen and Taiwan's dollar after banks and hedge funds scrambled to pay back loans in the U. read more
[Tags]rate, credit, currencies, dollar, week, yen, forex news[/Tags]
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