Yen continues to weaken against its major counterparts, falling lower on comments about inflation. It’s also not helping today that there seems to be a degree of risk appetite that means a lower yen in general.
There isn’t a whole lot going for the yen right now. Indeed, even policymakers in Japan are working to keep the yen lower. Recently, Bank of Japan Board Member Takehiro Sato said that inflation could stall in early 2015. This has led to speculation that the Bank of Japan will stay the course with its asset purchase program, continuing the quantitative easing designed to keep the economy afloat, and keep the yen weak against its counterparts.
Forex traders are also look for more data, scheduled for release soon. However, there isn’t a lot that data can accomplish at this point. Yen is also heading a little bit lower as risk appetite makes an appearance. Global stocks are higher today, and Forex traders are looking for a little more yield, so there isn’t a lot of demand for the yen, which has a very low yield.
At 11:25 GMT USD/JPY is up to 119.9310 from the open at 119.8060. EUR/JPY is also higher, moving up to 147.7090 from the open at 147.4870. GBP/JPY is up to 188.0630 from the open at 187.9140.
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