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Japanese Yen to US Dollar (JPY/USD) Exchange Rate – Yen stronger ahead of BoJ minutes

Japanese Yen
The Japanese Yen has broken its two-day run of losses, making gains against the US Dollar and Pound Sterling as traders await the release of minutes from last week’s Bank of Japan policy meeting.

Monday saw the Yen decline as Japanese markets were closed for a national holiday. On Tuesday the USD/JPY pair fell to 99.6659.

Last week the Bank of Japan revealed that it was not planning any alterations to its huge quantitative easing programme, but in recently released BoJ meeting minutes there has been indications of some dissent among the Bank’s policy makers. The Bank is aiming to reach its inflation target of 2% over the next two years and it appears some policy makers are disagreeing over how to achieve it.

Speculation is rampant that an end to ultra-loose monetary policies will likely take place first in the U.S. before anywhere else – such as in the European Union or in Japan – in fact, some traders are expecting the BoJ will announce added easing measures before the end of the year.

The minutes could potentially cause volatility for the Yen as they could be significant ahead of upcoming elections for control of the upper house of the Japanese Parliament. Prime Minister Shinzo Abe is hoping to take control, and is looking likely to do so. If he does then speculation is likely to increase speculation over Abe’s plans to restore the Japanese economy to growth.

TorFX

Japanese Yen (JPY) Exchange Rates

The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 99.6659

The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 150.4147

The Euro/Japanese Yen Exchange Rate is currently in the region of: 130.2437

The New Zealand Dollar/Japanese Yen Exchange Rate is currently in the region of: 78.0135

The Australian Dollar/Japanese Yen Exchange Rate is currently in the region of: 91.4115

(Correct as of 11:55 am GMT)

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