Yen Advances After BoJ Rate Decision
April 27 2016 - 8:32PM
RTTF2
The Japanese yen strengthened against the other major currencies
in the Asian session on Thursday, after the Bank of Japan refrained
from raising its monetary stimulus and kept its negative interest
rate unchanged.
The policy board governed by Haruhiko Kuroda decided by an 8-1
majority vote to hold its target of raising the monetary base at an
annual pace of about JPY 80 trillion.
Policymakers voted 7-2 to maintain -0.1 percent interest rate on
current accounts that financial institutions maintain at the
bank.
The yen rose to nearly a 2-week high of 123.16 against the euro,
a 10-day high of 112.01 against the Swiss franc and a 9-day high of
108.74 against the U.S. dollar, from an early near 4-week low of
126.47, more than a 3-week low of 115.01 and nearly a 4-week low of
111.88, respectively.
Against the pound and the Australian dollar, the yen advanced to
a 6-day high of 158.07 against the pound and more than a 2-week
high of 82.44 from yesterday's closing quotes of 162.03 and 84.55,
respectively.
Against the New Zealand and the Canadian dollars, the yen
advances to a 10-day high of 75.13 and a 6-day high of 86.34 from
an early near 4-week low of 77.35 and more than a 4-month low of
88.79, respectively.
If the yen extends its uptrend, it is likely to find resistance
around 121.00 against the euro, 111.00 against the franc, 107.00
against the greenback, 152.00 against the pound, 81.00 against the
aussie, 73.00 against the kiwi and 81.00 against the loonie.
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