Yen gains as RBA declines to join hawks

London

AN unchanged stance on interest rates from Australia's central bank dominated major currency markets on Tuesday, pushing the Australian dollar almost one per cent lower and spurring a bounce for the yen from seven-week lows.

Along with the US dollar, the yen suffered last week from a shift towards tighter monetary policy by central bank officials outside the United States and many had expected the Reserve Bank of Australia to fall in line with the trend.