How to trade the JPY?
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Greenback dives to day’s minimums versus yen
On Tuesday, the evergreen buck went down to the day’s minimums versus the Japanese yen, reversing earlier revenues, which emerged right after the head of the BOJ told it remained committed to today’s monetary easing and the bank wasn’t braced for scaling back stimulus.
The currency pair USD/JPY slumped 0.47% hitting, which is not far off its four-month minimum of 110.18 reached last Wednesday.
The Japanese yen had slumped earlier in the session after BOJ Chief Haruhiko Kuroda told there’s still some distance to meet the bank’s 2% inflation objective and Japan’s key financial institution hasn’t reached the stage of thinking as for how to stop its ultra-loose monetary policy.
On Tuesday, the BOJ didn’t change its monetary policy, with interest rates staying at -0.1% as well as a cap on ten-year bond yields at 0%.
The Japanese yen had soared after in January the Bank of Japan modified its bond purchasing program, buying fewer long-term bonds.
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