The New Zealand rose against its US peer after the Bank of Japan expanded the monetary stimulus, improving prospects for global growth. The kiwi erased the earlier gains against the Japanese yen.
Japan’s central bank concluded its two-day policy meeting today. The BoJ made the asset purchase program open-ended and increased its inflation target. The stimulating measures inspired hope that economic growth will pick up and that increased appeal of currencies with high yield. At the same time, the yen remained strong as investors were anticipating even bolder actions from policy makers.
NZD/USD rallied from 0.8356 to 0.8421 as of 10:26 GMT today. Meanwhile, NZD/JPY went down from 74.86 to 74.77 after touching 75.61.
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