The Japanese yen rose against the US dollar yesterday, maintaining its gains today, and was little changed against the euro and the Great Britain pound after the Bank of Japan released its monetary policy minutes.
The BoJ released the minutes of its October meeting yesterday. As was expected, all Board members voted unanimously for maintaining stimulus measures unchanged. Yet the minutes still managed to surprise market participants as some of policy makers were unsure if the inflation target can be reached by 2015 as was planned by the central bank. Moreover, they voiced opinion that growth will slow in the next year.
What does this mean for the yen? Additional stimulus from the BoJ and new string of losses for the currency? Perhaps. But whatever the case, for now the yen does not look like it is bothered by such prospects.
USD/JPY fell from 101.66 to 101.28 yesterday and traded at 101.26 as of 00:21 GMT today. Both EUR/JPY and GBP/JPY were flat, at 137.39 and 164.14 respectively.
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