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USD/JPY Gains, Nikkei Falls After BOJ Witholds Expanding Stimulus

USD/JPY Gains, Nikkei Falls After BOJ Witholds Expanding Stimulus

Daniel Dubrovsky, Strategist

Talking Points:

  • USD/JPY gains, Nikkei 225 declines after BOJ decision
  • Bank of Japan maintains policy balance rate at -0.10%
  • Yen gains likely due to BOJ maintaining the status quo

Losing money trading the Japanese Yen? This might be why.

The Japanese Yen was swinging against its US counterpart heading into the Bank of Japan’s March monetary policy announcement. This may have been due to traders pre-positioning ahead of the BOJ interest rate decision. When the news finally crossed the wires, the Japanese Yen strengthened across the board.

The Bank of Japan maintained its status quo. Members voted 8-1 to keep the monetary base plan unchanged at ¥80 trillion as expected. In addition, policymakers also voted 7-2 to hold rates at -0.10 percent. The central bank said that they will continue easing until a stable 2 percent inflation target has been achieved.

Yen gains may have been attributed to the Bank of Japan leaving its announcement little changed from January’s surprise rate cut. In other words, they offered no hints of further stimulus expansion. A lack of clear-cut rhetoric hinting at further easing may have also explained why Nikkei 225 futures and the Nikkei 225 index declined alongside Yen gains in the aftermath.

USD/JPY Gains, Nikkei Falls After BOJ Witholds Expanding Stimulus

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