Yen Retreats Amid BoJ Intervention Rumors
February 11 2016 - 4:19AM
RTTF2
The Japanese yen pulled away from its early highs against its
key counterparts in European deals on Thursday, amid rumors about
the Bank of Japan intervening in the forex market to curb sharp
gains in the currency.
The BoJ is said to have sold-off the yen, as officials are
overly concerned about a high valued currency that poses threat to
growth and raises the fear of deflationary pressures in the
economy.
The yen fell to 113.15 against the greenback, 127.97 against the
euro, 115.94 against the franc and 163.13 against the pound, from
its early more than 1-year high of 110.97, 2-1/2-year high of
125.78, 13-month high of 114.47 and more than 2-year high of
159.81, respectively.
The yen reversed from its early 3-1/2-year high of 77.59 against
the aussie, 8-month high of 73.20 against the kiwi and more than
3-week high of 79.27 against the loonie, edging down to 79.92,
75.35 and 81.03, respectively.
The yen is likely to find support around 116.00 against the
greenback, 129.00 against the euro, 117.00 against the franc,
165.00 against the pound, 81.00 against the aussie, 77.00 against
the kiwi and 82.00 against the loonie.
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