The Japanese yen was soft today after Haruhiko Kuroda, Bank of Japan Governor, signaled that he is not afraid to add more stimulus if it would be necessary to reinvigorate the nation’s economy.
Kuroda was talking at the Jackson Hole symposium on Saturday. He said:
There is no doubt that there is ample space for additional easing in each of the three dimensions. The bank will carefully consider how to make the best use of the policy scheme in order to achieve the price stability target.
The easing stance of Japan’s central bank is certainly detrimental to the yen, though the currency’s losses were limited so far.
USD/JPY opened sharply higher at 102.05 today after closing at 101.82 on Friday and traded at 102.22 as of 11:16 GMT today. EUR/JPY was up from 114.08 to 114.68 intraday but retreated to 114.24 as of now.
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