Asian currencies pare gains after U.S. CPI, Fed meeting

TOKYO -- Asian currencies pared some of their gains Thursdayas the Federal Reserve officials signaled just one rate cut this year despite cooler inflation data.

The Japanese currency strengthened to 155.71 to the dollar from 157 at one point, after the U.S. consumer price index for May showed inflation had slowed, according to Refinitiv. The yen later weakened to around 156 as U.S. policymakers suggested they saw just one rate cut this year, compared with the three predicted in March.