The Japanese yen gained during the Asian trading session but has lost its gains by the start of the European session and is trading below the opening level now.
The Bank of Japan released the Summary of Opinions at its March policy meeting, revealing that policy makers wanted to maintain the current extremely accommodative monetary policy:
There is no change in the judgment that it is necessary to continue pursuing powerful monetary easing with persistence so that highly accommodative financial conditions are maintained.
They also discussed the necessity to explain to market participants difference between policy normalization and tightening.
Released separately, Japan’s trade balance turned from surplus of ¥0.35 trillion in January to a deficit of ¥0.2 trillion in February. Analysts had expected a smaller shortage of ¥0.1 trillion.
USD/JPY traded at 106.11 as of 11:34 GMT after falling from 106.04 to 105.68 earlier today. EUR/JPY opened at 130.32, fell to 129.60 intraday, but rebounded to 130.36 later.
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