Japanese yen is heading higher today, gaining ground ahead of an upcoming Bank of Japan meeting. There is a bit of uncertainty about what’s next for the Japanese economy, and what policymakers will do about it.
Japanese yen is moving off its recent lows today, heading a little bit higher against its major counterparts as Forex traders look forward to an upcoming Bank of Japan meeting.
Yen has been relatively strong lately, and policymakers are expected to decide whether they want to let this strength continue, or whether they want to add more stimulus to the Japanese economy. More stimulus would weaken the yen.
There is a lot to consider since recent earthquakes have rocked Japan. The economy is still struggling to recover from the aftermath of the earthquake and tsunami a few years ago, and more large earthquakes aren’t helping the Japanese economy on its road to recovery.
For now, many of the currencies are rangebound, including the yen, as Forex traders await outcomes from the BOJ and Fed meetings later this week.
At 14:15 GMT USD/JPY is lower, down to 111.1300 from the open at 111.8580. EUR/JPY is also lower, down to 125.0720 from the open at 125.4900. GBP/JPY is down to 160.9910 from the open at 161.8550.
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