Japanese Yen Continues Fall after Unchanged BOJ Announcement
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- Bank of Japan KeepsAnnual Monetary Base Growth Rate at ¥80T as Expected
- Yen Slightly Lower After BOJ Announcement But Price-in Policy Outlook Static
- Have Economic ReleasesDirectly on Your Charts with theDailyFX News App
The Bank of Japan maintained the annual pace of increase in the monetary base unchanged at ¥80 trillion, meeting economists’ expectations. Officials voted 8-1 to keep the policy as-is. The central bank sees long term inflation expectations rising and the economy recovering moderately in the long term. Also, the BOJ stated that QQE will continue until a 2 percent inflation rate is achieved.
The Japanese Yen continued its fall against the major currencies after the status quo announcement crossed the wires. The move mirrored a slide in Japan’s ten year bond yields, a proxy for the monetary policy outlook. Priced-in expectations indicate that currently the market isn’t expecting the BOJ to change short term interest rates in the next 12 months.
On the technical front, Currency Strategist Ilya Spivak sees near term resistance at 119.48.
USD/JPY Spot – 5min Chart – Created Using FXCM Marketscope
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