The Japanese yen remains a powerhouse on the Forex market, continuing to rise higher and higher. The currency was trading near the highest level since October 2014 versus the US dollar and close to the strongest rate since October 2013 against the Great Britain pound.
The strong currency undermines attempts of Japanese policy makers to revive the nation’s economy. Therefore, speculations persist that the Bank of Japan is going to make its monetary policy even more accommodative, making the yen weaker in the process. Such talks were countered by Prime Minister Shinzo Abe, who said in an interview to Wall Street Journal:
Whatever the circumstances, we must definitely avoid competitive devaluation, and I think we should refrain from arbitrary intervention in currency markets.
USD/JPY slid from 110.32 to 110.03 as of 13:45 GMT today after rising to 110.63 earlier. GBP/JPY dropped from 156.22 to 154.84.
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