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Yen goes down on BOJ expectations

On Wednesday, the Japanese yen sagged, pressured by hopes for considerable monetary stimulus by the BOJ and amid a media report that Japan’s authorities are going to unveil a $255 billion stimulus package.     

In fact, trading in the Japanese yen appeared to be choppy, with market participants taking cues from various headlines as for Japan's economic stimulus package.

The Japanese yen edged down after Japan's Fuji TV told that Prime Minister Shinzo Abe was on the verge of announcing a stimulus package on Wednesday with a headline figure of approximately 27 trillion yen.

The Japanese yen extended its sag after the Wall Street Journal informed that Japan was considering issuing 50-year bonds, though later pared some losses right after the Ministry of Finance officially denied that it was considering such an issue.

The evergreen buck last traded at 105.65 yen, showing a 1% rise on the day. The US dollar had grown by as much as 1.8% to 106.54 yen at just one point on Wednesday.

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