The Japanese Yen is in sight of a one-month high against the Dollar on Wednesday as investors remain wary ahead of today’s Bank of Japan policy meeting. Economists are expecting the meeting to disappoint those expecting an announcement of more aggressive monetary easing.
This week sees a host of other Central Bank hold their monthly policy meetings, with the Bank of England and European Central Bank both due to announce their latest policy decisions.
The BOJ is expected to increase its bond buying and extend the maturities of the bonds it purchases during the meeting. In expectation of further policies to weaken the value of the Yen many investors have opted to sell the Yen in anticipation of bold stimulus measures to beat deflation in Japan are worried the BOJ, in its first policy review under new governor Haruhiko Kuroda, might not live up to expectations.
Since November 2012 the US Dollar has gained by 20% against the Yen. The raid increase in strength came as investors began to see the results of the Japanese Banks aggressive monetary easing policies. If today’s BOJ meeting does disappoint we can expect the US Dollar to retrace some of those gains.
The Euro meanwhile remains close to yesterday’s five-week low against the Yen as a continuing political stalemate in Italy, disappointing economic data and the continuing fallout from the Cypriot bailout. The ECB is expected to keep interest rates unchanged at this week’s policy meeting.
Current JPY Exchange Rates
The Japanese Yen to Pound Sterling (JPY/GBP) exchange rate is trading at 0.0070
The Pound Sterling to Japanese Yen (GBP/ JPY) exchange rate is trading at 141.2626
The Japanese Yen to Euro (JPY/EUR) exchange rate is trading at 0.0083
The Euro to Japanese Yen (EUR/ JPY) exchange rate is trading at 119.8050
The Japanese Yen to US Dollar (JPY/USD) exchange rate is trading at 0.0106
The US Dollar to Japanese Yen (USD/JPY) exchange rate is trading at 93.5100
These exchange rates were correct as of 10:00 am
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