Japanese Yen Logs Sharp Gains on Tuesday

The Japanese yen logged sharp gains against basically all of most-traded currencies during the Tuesday’s trading session.

Analysts speculated that Bank of Japan Governor Haruhiko Kuroda will be appointed for a second term, though Japanese Prime Minister Shinzo Abe did not confirm that yet. While Kuroda ushered an era of extremely loose monetary policy, markets were counting on monetary tightening in the relatively near future even if he will indeed keeps the office. That, along with the drop of global stocks, was likely the reason for the yen’s strength.

USD/JPY dropped from 108.64 to 107.61 as of 17:35 GMT today, and its daily low of 107.40 was the lowest since September 8. EUR/JPY declined from 133.53 to 132.98.

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