The US Dollar fell beyond a seven-week low against the Japanese Yen as continuing concerns over whether the Federal Reserve will taper its quantitative easing programme boosted demand for the safe haven Japanese currency.
The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 96.2928
The US currency remains under pressure after two senior Federal Reserve officials said earlier in the week that they will not rule out the tapering of the monetary easing programme at the Central Bank’s policy meeting in September.
The Yen was little moved following this morning’s Bank of Japan policy meeting. The currency showed little reaction after the Banks policy makers opted to maintain its unprecedented monetary stimulus programme.
“The BOJ can sit and wait as the economy is improving and consumer prices are rising. The weak Yen won’t provide a continuous boost to growth, while proposed sales-tax increases would add to uncertainties” said Maiko Noguchi, senior economist at Daiwa Securities Co, and a former Central Bank official.
The Yen is likely to make further movement against the Dollar as the U.S. is due to release official data on initial jobless claims later in the session.
Current Japanese Yen (JPY) Exchange Rates:
The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 96.2928
The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 149.3701
The Euro/Japanese Yen Exchange Rate is currently in the region of: 128.6079
The New Zealand Dollar/Japanese Yen Exchange Rate is currently in the region of: 76.7030
The Australian Dollar/Japanese Yen Exchange Rate is currently in the region of: 87.1863
(Correct as of 11:00 am GMT)
Comments are closed.