Yen Sinks amid Stimulus Speculations

The Japanese yen sank today amid speculations about possible monetary stimulus from the Bank of Japan. Japan’s economic data was not helpful to the currency as well.
According to reports, the BoJ is considering various measures to stimulate the struggling economy of Japan. Among possible steps may be a cut of interest rates deeper into the negative territory. The bank will conduct its meeting on April 28. Meanwhile, the Nikkei Flash Japan Manufacturing Purchasing Managers Index fell from 49.1 to 48.0 in April, whereas the median forecast had promised an increase to 49.6.
USD/JPY climbed from 109.45 to 110.50 as of 8:35 GMT today. EUR/JPY advanced from 123.54 to 124.76.

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