The Japanese yen continued to rally today even though the threat of an intervention continues to loom over the currency, reducing its attractiveness.
The yen inexplicably continues to rally even as the newly appointed Bank of Japan Governor Haruhiko Kuroda said that he is going to ease the monetary policy further. Some analysts say that it is because traders do not expect the central bank to act until Kuroda will officially take the office. Perhaps risk aversion also plays role in the current performance of the Japanese currency. Experts say that the rally will not last long, but for now the currency retains its strength.
USD/JPY fell from 93.45 to 93.08 and EUR/JPY declined from 121.73 to 121.42 as of 14:26 GMT today.
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