The yen rallied after a weaker-than-expected US jobs report spurred bets for earlier interest-rate cuts from the Federal Reserve and weighed on the dollar, easing speculation Japan may step into the market again to support its currency. Japan’s currency rallied more than 1% to 151.86 per dollar after data showed US employers scaled back hiring in April and the unemployment rate unexpectedly rose. The market now expects the Fed will deliver its first reduction in September compared with November earlier this week, narrowing the wide differential with borrowing costs in Japan — where rates are near zero. The repricing ... (full story)