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Yen Slightly Weaker vs. US Dollar After BOJ Policy Announcement

Yen Slightly Weaker vs. US Dollar After BOJ Policy Announcement

2013-11-21 05:49:00
Cheng Li,
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Talking Point:

  • Bank of Japan Kept Monetary Policy Unchanged at November’s Monthly Meeting
  • Central Bank Will Aim for ¥60-70 Trillion Annual Increase in the Monetary Base
  • The Japanese Yen Narrowly Weakened vs. the US Dollar After the Announcement

USD/JPYrose slightly after the Bank of Japan monetary policy announcement. The central bank announced it will retain its plan for a ¥60-70 trillion annual increase in the monetary base. The Yen was slightly weaker against US Dollar, with USDJPY rising from 100.35 to 100.49. Similar price action was observed elsewhere, with EURJPY advancing from 134.71 to 134.90 and AUDJPY inching higher from 93.36 to 93.49.

The policy statement accompanying the announcement said the Bank expects Japan’s economy to continue a moderate recovery and repeated its intent to help Japan reach a sustained inflation rate of 2 percent in 2015. Policymakers added that CPI is likely to rise gradually. However, the outlook for Japan’s economy remains uncertain amid risks from European debt problems, developments in the emerging and commodity-extorting economies, and the pace of recovery in the US.

From here, the market will shift focus to a press conference fromBOJ Governor Haruhiko Kuroda, beginning at 6:30 GMT.US PPI data, as well as the weekly report on Initial Jobless Claims and the Philly Fed Manufacturing Activity gauge are likewise of note.

BoJ Rate Decision at a Glance

- Bank of Japan Policy Announcement: Unchanged - retain plan for ¥60-70 trillion annual rise in the monetary base.

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USD/JPY 5-minute Chart: November 21, 2013

Yen_Slightly_Weaker_vs._US_Dollar_After_BOJ_Policy_Announcement_body_BoJ_Rate_Decision.png, Yen Slightly Weaker vs. US Dollar After BOJ Policy Announcement

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-- Written by Cheng Li, DailyFX Research. Feedback can be sent to cli@fxcm.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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