BOJ meeting pushes yen up, market wants to see further move of US Fed tomorrow

Posted 30 July, 2019

The Japanese currency has posted some gains on Tuesday following the reports that the Bank of Japan decided to remain monetary policy unchanged which came in line with the market forecasts.

In general, the Japanese yen has remained near multi-week bottom despite improvements.

After the regular meeting, Japan's Central bank has refused to expand economic stimulation but expressed readiness to take such move if the global economic growth slowdown threatens economic rebound in the country.

The meeting of BOJ passed as it was expected – the regulator decided to leave the interest rate unchanged at -0.1%. Besides, it also confirmed its previous message to maintain a yield of 10Y state bonds near 0%. Large scale asset-buying program will also remain effective in the country.

The US dollar-to-Japanese yen exchange rate was recorded at some 108.55.

Meanwhile, the greenback maintains positions near 2-months high. The US Federal Reserve will hold a meeting in the middle of the week. The market expects the interest rate will be reduced for the first time over the past 10 years.

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