Yen rallies after BOJ move

Yen rallies after BOJ move

On Tuesday, the Japanese yen leapt after the BOJ reduced its purchasing of long-dated Japanese government bonds in its market operations, thus assisting to stoke speculation as for a future exit from its huge stimulus policy.

The Japanese yen tacked on 0.4% trading at 112.62 yen to the US currency, rebounding further from its two-week minimums of 113.40 per greenback hit on Monday.

The BOJ's recent operation turned to be a trigger for the Japanese yen's revenues, although market experts think there were many New Year flows considering today was the first business day for many investors.

On Tuesday, the common currency languished, having dived from the previous week's maximum as market participants were cautious after a months-long soar, while the greenback strengthened versus the Japanese yen although a lack of catalysts tamed its momentum.

The euro hit $1.1971, nearly intact in Asia having dived 0.5% on Monday, which is its largest daily sag since late October.

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