The Japanese Yen has fallen for a fourth straight day against the majority of its most traded peers as economists took bets that the Group-of-20 finance ministers and Central banker’s meeting in Russia would endorse the Bank of Japan’s monetary easing policy, which they did.
The Yen has declined for the fourth time in five days against the US Dollar. Russian Deputy Finance minister Sergei Storchak endorsed the BOJ’s policy saying that the G-20 was unlikely to call for a tapering of stimulus measures, including Japan’s.
The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 152.1394
“I don’t yet see a pressing need to demand anything from countries that are conducting quantitative easing,” Storchak said in Moscow on July 16 before G-20 policy makers meet in the Russian capital this week. “Europe, the U.S., and Japan aren’t ready in the current environment to turn away from easy-money policies.”
So far this year the Yen has declined by 22% making it the worst performing currency out of 10 developed nations. The high declines are a result of the ongoing monetary easing policies being implemented by Prime Minister Shinzo Abe and the Bank of Japan. Abe aims to make the Japanese economy overcome deflation and the Central Bank doubled its bond purchases by 7 trillion Yen in April.
The Yen was also weakened during Asian trading on Thursday as Tokyo stocks gained after closely watched testimony by Federal Reserve Chairman Ben Bernanke reassured markets that the Central Bank was keeping with its loose monetary policy for the near term.
“Mr. Bernanke’s message was unclear, but I think he was doing this intentionally to calm those who were jittery over prospects of Fed tapering,” said Masashi Murata, senior currency strategist at Brown Brothers Harriman in Tokyo.
The Yen is expected to weaken further.
Current Japanese Yen (JPY) Exchange Rates
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The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 100.3231 >
The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 152.1394 >
The Euro/Japanese Yen Exchange Rate is currently in the region of: 131.4335 >
The New Zealand Dollar/Japanese Yen Exchange Rate is currently in the region of: 78.8958>
The Australian Dollar/Japanese Yen Exchange Rate is currently in the region of: 91.7826 >
(Correct as of 11:40 am GMT)
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