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Forex News: Yen Sold as BoJ Cites Weakening Economy, Policy Unchanged

Forex News: Yen Sold as BoJ Cites Weakening Economy, Policy Unchanged

2012-11-20 04:17:00
Gary Kerdus,
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THE TAKEAWAY: BoJ policy unchanged > Policy officials cited concerns of a weakening domestic economy and high uncertainty for Japan’s economy > Yen sold

The Japanese Yen declined versus the Dollar as the Bank of Japan opted to keep monetary policy unchanged holding interest rates at 0.10 percent in November. The credit loan program will remain at 25 trillion yen and the asset purchase fund will also hold at 66 trillion yen according to central bankers. Policy officials also said the BoJ will continue to pursue “seamless” monetary easing and will monitor the impact of the yen as the domestic economy continues to weaken. The bank also sees high uncertainty for Japan’s economy.

The yen has declined roughly 5 percent versus the greenback since September 13. A steady increase in the BoJ’s balance sheet and moderating growth in the Fed’s balance sheet appear to be a partial catalyst while recently Forex traders seem to have sold the yen after opposition leader Shinzo Abe, who is favored in next month’s election, has called for unlimited bond purchases to stimulate the economy and put an end to deflation.

USDJPY has technically broken above potential resistance established around 80.55 one day day prior to Abe’s pledge to pursue more aggressive monetary easing.

USD/JPY, Daily Chart

Forex_News_Yen_Sold_as_BoJ_Cites_Weakening_Economy_Policy_Unchanged_body_Picture_1.png, Forex News: Yen Sold as BoJ Cites Weakening Economy, Policy Unchanged

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