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Forex News: Yen Rallies as BoJ Stimulus Disappoints Expectations

Forex News: Yen Rallies as BoJ Stimulus Disappoints Expectations

Benjamin Spier, Technical Strategist

THE TAKEAWAY: BoJ expands stimulus by 11 trillion Yen -> Holds interest rate at 0.10% -> Yen rises against most major currencies

The Bank of Japan announced today that they will expand their asset purchase fund by 11 trillion Yen to 66 trillion. The additional stimulus only met the lower end of expectations for 10-20 trillion Yen of expansion, as was predicted by forex news sources. Also, the central bank left the interest rate at 0.10% and the credit loan program at 25 million Yen.

The BoJ and the government are both in agreement that monetary stimulus should be continued until deflation is ended; the central bank maintains a 1% inflation goal. The decision to expand asset purchases was unanimous. This is the second month in a row that the BoJ has added to stimulus.

Additional stimulus is usually negative for the economy’s currency, but the 10 trillion yen of additional stimulus was low when compared to expectations, and therefore sent the Yen higher against most major currencies in forex markets. USDJPY dropped from resistance by 80.00 and fell below 79.50 following the release; support could now be provided at 79.14, by the 61.8% retracement of the rally from the beginning of February.

USDJPY 15-minute: October 30, 2012

Yen_Rallies_as_BoJ_Stimulus_Dissapoints_Expectations_body_usdjpy.png, Forex News: Yen Rallies as BoJ Stimulus Disappoints Expectations

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