The Yen has fallen against the majority of its most traded peers as the odds of further Japanese stimulus increase.
The Japanese Yen Exchange Rate was in the region of 0.0107 against the US Dollar as of 9:42 am
As the candidates in the running for top positions within the Japanese Central bank lessened the Yen plummeted against safe-haven rival the US Dollar, hitting an almost three year low.
An insider has asserted that Japanese Prime Minister Shinzo Abe is likely to push for Haruhiko Kuroda (currently President of the Asian Development Bank) to be given the top central bank position.
Kuroda is a staunch supporter of aggressive fiscal stimulus methods, and if he were to be assigned the role of governor there is a strong likelihood he would attempt to boost economic growth in the world’s third largest economy through the adoption of additional stimulus.
As one senior currency strategist commented: ‘The market seems to have formed an opinion that Kuroda is a dove and if he indeed becomes the new BOJ governor, he would be willing to do much more to support growth. The Yen is weakening on speculation there will be more policy easing.’
Other top positions within the Bank of Japan are tipped to be given to Kikuo Iwata and Hiroshi Nakaso, both of whom also favour stimulus.
After the nominations were released, speculation regarding who would take over when current the BOJ governor and two prominent deputies step down in mid-March grew, and the Yen dropped accordingly.
The Yen recovered slightly against the US Dollar after sliding to 94.77 Yen per Dollar, but still lost 0.8 per cent against the American currency to trade in the region of 94.12 this morning.
Of particular interest to the Yen tomorrow are Japanese retail trade and large retailer’s sales figures.
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 142.1470
The Japanese Yen to Euro (JPY/EUR) exchange rate is trading at 0.0081
The Euro to Japanese Yen (EUR/ JPY) exchange rate is trading at 124.0870
The Japanese Yen to US Dollar (JPY/USD) exchange rate is trading at 0.0107
The US Dollar to Japanese Yen (USD/JPY) exchange rate is trading at 93.9000
These exchange rates were correct as of 09:42 am
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