The Japanese yen showed resilience even as Haruhiko Kuroda said that the nation’s central bank should take more aggressive actions to spur economic growth and weaken the currency.
Kuroda, the President of the Asian Development Bank and the next Bank of Japan head, was speaking today to the parliament in Tokyo. He pledged to “do whatever we can do” to deal with deflation and fuel growth. Kuroda also said that the BoJ should be more aggressive as “scale and scope” of the accommodative measures were insufficient.
The yen was strong today as traders were willing to buy the currency for the safety it can give. Several central banks, including the European Central Bank, will make policy decisions this week and investors prefer to play it safe amid uncertainty ahead of these decisions.
USD/JPY fell from 93.61 to 93.37 and EUR/JPY ticked down from 121.82 to 121.52 as of 19:39 GMT today. GBP/JPY went down from 140.82 to 140.19, but rebounded to 140.99.
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