Yen Mostly Lower as BOJ Meeting Starts

Japanese yen is mostly lower today, dropping as many expect the Bank of Japan to ease its monetary policy at some point this month. While there is a policy meeting set for today and tomorrow, another is set for October 30.

With the Japanese economy slowing still, and with concerns about China’s impact on the global economy, there are concerns amongst policymakers. As a result, many expect that the Bank of Japan will ease monetary policy at some point this month, either announcing it at the end of the current meeting, or making the announcement at the end of October.
The yen is mostly lower as a result. The yen has moved higher against the US dollar as the session has progressed, but the Japanese currency is still down against its European counterparts.
Another interesting point is that the Chinese yuan has now surpassed the yen as a global payment currency. The yuan is now number four, while the yen drops to number five in terms of global payments by value.
At 14:58 GMT USD/JPY is down to 120.1700 from the open at 120.4610. EUR/JPY is higher, though, gaining to 135.3390 from the open at 134.7700. GBP/JPY is also gaining, moving up to 182.8470 from the open at 182.4550.

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