The Japanese yen fell today against its major peers after the Bank of Japan released the Summary of Opinions expressed during the June policy meeting. The optimistic market sentiment was also unfavorable to the currency.
The Summary of Opinions showed that Japanese policy makers are not in a hurry to abandon unprecedented stimulus. One of the BoJ members said:
The fundamental issue for a policy exit is that its timing cannot be foreseen, given that achieving the price stability target of 2 percent is still considerably distant.
Meanwhile, the Service Producer Price Index rose 0.7% in May, year-on-year, exactly as specialists predicted.
USD/JPY rose from 111.18 to 111.42 as of 13:31 GMT today, touching the high of 111.72 intraday. EUR/JPY gained from 124.49 to 124.91.
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