Yen gains on the day after BOJ announcement

Alicia Cross
January 25, 2018

At 0704 GMT, the USD/JPY is trading 111.163, up 0.228 or +0.21%.

The yen yesterday slipped after comments from the Bank of Japan's (BOJ) chief quelled speculation that it would follow other central banks in scaling back monetary stimulus, while the USA dollar recovered losses after the U.S. government's shutdown ended.

New records in Asia and then a solid start for Europe's major bourses 0#.INDEXE ensured it was a 12th high of the year for MSCI's 47-country gauge of world stocks.MIWD00000PUS as its January surge continued.

It was against that backdrop that Governor Kuroda warned today that the economy still needed "persistent monetary easing" and that the Bank was "not at the point to consider an exit" from the policy.

Latin American currencies weakened on concerns over potential US protectionism.

The British pound hit its post-Brexit referendum high of US$1.4005, helped by optimism that Britain will reach a favorable divorce deal with the EU.

"Sterling is benefiting from the broad dollar weakness story and the recent data has been mildly supportive", said Thomas Flury, head of FX strategies, UBS Wealth Management, Chief Investment Office.

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Earlier this month, Japan's most powerful business lobby, known here as Keidanren, urged its member companies to implement a 3 percent pay hike, as part of its overall guidelines for 2018 spring wage negotiations, which kicked off this week. The euro was at $1.2252-2252, up from $1.2237-2237, and at ¥135.98-98, up from ¥135.56-58. He preferred a reduction in the target for 10-year yields. "Rather today's price action talks more about how the market is preoccupied with the idea that the BOJ will adjust its monetary policy at some stage in the future", said Minori Uchida, chief FX analyst at the Bank of Tokyo-Mitsubishi UFJ.

Further, the bank said inflation expectations have been more or less unchanged instead of previous view that they were weakening.

In a widely expected move, the BOJ maintained its short-term interest rate target at minus 0.1 percent and a pledge to guide 10-year government bond yields around zero percent.

Oil prices rose on Tuesday, lifted by healthy economic growth as well as supply restraint by a group of exporters around OPEC and Russian Federation.

Spot gold slipped 0.1 percent to $1,333.36 per ounce after the US government shutdown ended and dulled the precious metal's safe-haven appeal.

While it was a widely telegraphed move created to stop virtual coins from being used for money laundering and other crimes, the step also underscored authorities' intent to close down avenues for spurious speculation.

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