The Japanese Yen has fallen below 99 per Dollar for the first time since May 2009 due to speculation that the Bank of Japans latest announced monetary measures will devalue the currency further over the course of the year.
The Yen has weakened against all of its major peers for a third consecutive day after last week’s policy meeting saw BOJ officials announce that they will boost monthly bond purchases to a massive 7.5 trillion Yen, a figure that exceeded what economists had been expecting.
“Levels around 100 yen in the very short-term are definitely possible,” said, a senior currency strategist at Commerzbank AG in Frankfurt. “Any doubts the BOJ would be very expansionary are off the table now and measures might even be increased if they find out it is not enough to create inflation.”
Against the Australian and New Zealand Dollars the Yen has plummeted to its lowest levels since the 1990’s.
The Japanese economy has seen some positive results from its radical policies as the nation’s current account surplus, the widest measure of trade, was larger than economists had been predicting. The surplus rose to 637.4 billion Yen in February compared with the economist prediction of 457.5 billion Yen. Before the measures were implemented the figure was in deficit for three months.
Current JPY Exchange Rates
The Japanese Yen to Pound Sterling (JPY/GBP) exchange rate is trading at 0.0066
The Pound Sterling to Japanese Yen (GBP/ JPY) exchange rate is trading at 151.4205
The Japanese Yen to Euro (JPY/EUR) exchange rate is trading at 0.0077
The Euro to Japanese Yen (EUR/ JPY) exchange rate is trading at 128.616
The Japanese Yen to US Dollar (JPY/USD) exchange rate is trading at 0.0101
The US Dollar to Japanese Yen (USD/JPY) exchange rate is trading at 98.874
These exchange rates were correct as of 10:20 am
Comments are closed.