Yen Attempts to Keep Gains Even as BoJ Eases Policy
The Japanese yen climbed today even as the Bank of Japan eased its monetary policy. The currency trimmed its gains against the US dollar later, though, and fell against the euro as the market sentiment turned to positivity.
The BoJ expanded its asset purchase program by ¥11 trillion to ¥91 trillion. The central bank also talked about measures to overcome deflation. The yen jumped after the policy decision as Forex market participants the size of the additional stimulus to be too small. The advance was a bit excessive and the currency tends to weaken as of present.
USD/JPY was down from 79.78 to 79.60 as of 14:26 GMT today and its daily low was at 79.26. Meanwhile, EUR/JPY advanced from 102.94 to 103.17, rebounding from the minimum of 102.15.
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Earlier News About the Japanese Yen:
- Risk Aversions Allows Yen's Rebound (2012-10-26)
- Stimulus Expectations Send Japanese Yen Lower (2012-10-25)
- Yen Rebounds Even Amid Intervention Speculations (2012-10-23)
- Yen Slides as Poor Report Leads to Intervention Speculations (2012-10-22)
- Yen Weakens, Even as Risk Appetite Fades (2012-10-18)