The Japanese yen was under pressure from anticipation of more quantitative easing by the Bank of Japan, though the currency held ground versus the US dollar and even advanced against the yen today.
BoJ Governor Haruhiko Kuroda was emboldened to proceed with aggressive devaluing the yen as the Group of Twenty did not oppose such policy. Kuroda said:
Winning international understanding gives me more confidence to conduct monetary policy appropriately. We will continue our qualitative and quantitative easing for the next two years.
It will be hard for the yen to resist the pressure from the central bank, but the currency tries to do so as of now.
USD/JPY was at 99.81 as of 9:10 GMT today after falling from 99.80 to 99.57. EUR/JPY declined from 130.51 to 130.26.
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