The Japanese yen was weaker after the Bank of Japan policy minutes released earlier today. While the currency attempted to trim losses intraday, it resumed the decline as of now.
The BoJ released the minutes of its April policy meeting during the Wednesday’s trading session. The minutes were moderately optimistic but had some negative part. For example, the report said regarding the outlook for inflation:
With regard to the baseline scenario for prices, many members expressed the view that there was considerable uncertainty, mainly in developments in medium- to long-term inflation expectations, and risks on the price front were skewed to the downside, although a few members expressed the recognition that these risks could be assessed as being largely balanced.
USD/JPY rallied from 123.07 to 123.76 as of 15:06 GMT today, reaching the weakest rate since June 2007. EUR/JPY gained from 133.84 to 134.57.
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