Yen Weakens Ahead of Kuroda’s Speech

The Japanese yen fell yesterday and extended the decline today ahead of the speech of Bank of Japan Governor Haruhiko Kuroda, which he will deliver in Jackson Hole tomorrow.
Kuroda will speak at the Federal Reserve’s annual monetary conference tomorrow. He will likely explain the policy decisions the BoJ has done and speak about future actions of the central bank. Experts think he will maintain bias for monetary accommodation, which is negative for the yen.
The Japanese currency did not profit from the confusion on the Forex market, created by the minutes of the last Federal Reserve policy meeting. And as the dust settled, the currency started to move down.
USD/JPY rose from 98.69 to 98.93 as of 1:16 GMT today. EUR/JPY advanced from 131.81 to 132.02 and GBP/JPY went up from 153.84 to 154.14, trading near the highest level since May.

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