The yen began the new trading week by extending losses against most major currencies as investors continued the sell off in the currency due to the Bank of Japan’s pledge to ease monetary policy.
The central bank announced that it would expand its bond purchases within two years to fight deflation, and reports have emerged today that the BOJ will being these purchases immediately.The BOJ began by offering to buy 1.2 trln yen of JGBs with a maturity of over five years, as it hurries to beat deflation.
USDJPY opened in Asia at 98.23, gapping higher from Friday’s close of 97.52 and hit as high as 98.83 yen, the highest level since June 2009.
EURJPY opened the session at 127.37 and rose to highs of 128.42 yen.
The Australian and benefitted from the carry trade against the yen and rose to new highs.
The Aussie surged to the highest since July 2008, as AUDJPY peaked at 102.33 yen.
The kiwi rose a level not seen since May 2008, as NZDJPY soared to 83.08 yen.
The yen began the new trading week by extending losses against most major currencies as investors continued the sell off in the currency due to the Bank of Japan’s pledge to ease monetary policy.
The central bank announced that it would expand its bond purchases within two years to fight deflation, and reports have emerged today that the BOJ will being these purchases immediately.The BOJ began by offering to buy 1.2 trln yen of JGBs with a maturity of over five years, as it hurries to beat deflation.
USDJPY opened in Asia at 98.23, gapping higher from Friday’s close of 97.52 and hit as high as 98.83 yen, the highest level since June 2009.
EURJPY opened the session at 127.37 and rose to highs of 128.42 yen.
The Australian and benefitted from the carry trade against the yen and rose to new highs.
The Aussie surged to the highest since July 2008, as AUDJPY peaked at 102.33 yen.
The kiwi rose a level not seen since May 2008, as NZDJPY soared to 83.08 yen.
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