World equities have slipped this month as hopes of quick Fed rate reductions this year reduced after a series of hotter than expected U.S. inflation data

Global stocks were teetering on Friday towards their worst month since September, although futures markets forecasted strong tech earnings would trigger a Wall Street relief rally later in the day that would help traders recover some losses.

Japan’s yen was volatile, reaching a new 34-year low after the BOJ kept monetary policy loose at its latest policy meeting, then bouncing back. Traders are speculating that Japanese authorities might intervene to support the currency.

MSCI’s broad index of global stocks was 3.3% lower for the month, although up 0.17% on the day.

World equities have slipped this month as hopes of quick Fed rate reductions this year reduced after a series of hotter than expected U.S. inflation data.

Still, contracts that wager on Wall Street’s tech-heavy Nasdaq 100 were up more than 1%, while those on the benchmark S&P 500 index gained 0.8%, after earnings from Alphabet and Microsoft beat estimates.

These moves came ahead of a fresh reading of U.S. core PCE, the Federal Reserve’s preferred inflation measure that could sway rate cut hopes and strengthen the dollar.

In a volatile session on Friday, the yen , weakened as far as 156.8 per dollar after the BOJ kept interest rates around zero at its policy meeting that concluded Friday despite forecasting inflation of nearly 2% for three years.

The currency then climbed suddenly to 155 per dollar before pulling back, although it was not immediately clear what caused the move.

Finance Minister Shunichi Suzuki said on Friday that Japan was concerned about the negative effects of a weak yen, adding to a chorus of aggressive jawboning from authorities in recent weeks, though it has had little effect.

Japan intervened in the currency market three times in 2022, selling the dollar to buy yen, first in September and again in October as the yen hit 152 per dollar.