The Japanese yen rose today as the Bank of Japan has started two-day policy meeting. Forex market participants do not expect any changes to monetary policy and this bolster the currency.
The BoJ started policy meeting today and will announce its decision tomorrow. The government and policy makers were making serious statements about weakening the yen earlier, leading to the 11 percent decline of the currency this year. Yet now it looks like the central bank took a pause in expanding stimulus and this allowed the yen to regain some strength. The Japanese currency gained against all other majors today.
USD/JPY fell from 97.72 to 97.27, touching the low of 96.76 intraday, and EUR/JPY dropped from 130.02 to 129.36 as of 11:21 GMT today after reaching the daily minimum of 128.55
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