The Japanese yen recovered a bit after earlier losses today after the Bank of Japan announced no changes to its monetary policy. While the currency remained soft versus the US dollar, it pared losses against some other majors.
Japanese policy makers decided in an unanimous vote to keep interest rates close to zero and the size of asset purchases at ¥60–70 trillion. The yen was weak ahead of the meeting as traders were somewhat cautious about potential increase of stimulus. The Japanese currency was not able to gain ground versus the dollar but erased losses against the Great Britain pound and rallied together with other currencies against the euro.
USD/JPY advanced from 104.79 to 105.00 as of 14:04 GMT today, touching the high of 105.19 intraday. GBP/JPY traded close to the opening level of 172.49, while its intraday high was at 172.77, and the low was at 172.15.
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