JPY Daily News

Bank of Japan Lowers Interest Rates to 0.10%

The JPY began losing its momentum yesterday after a long week of steady gains. The Japanese currency experienced its first daily drop against the U.S. Dollar as the Japanese Finance Minister stated that currency intervention in the shape of an Interest Rate cut by the Bank of Japan (BoJ) may be used to keep the Yen from excessive appreciation.

The rate cut did in fact happen during this morning's early trading hours. The Japanese Interest Rate now sits at 0.10%, the lowest in the world. Some officials believed that the intervention was necessary considering the recent currency gains and the ongoing global recession which has driven global Interest Rates to new lows. Lowered international rates have consequently pushed the value of the Yen to levels which have damaged Japan's ability to export. Traders may expect a somewhat steady depreciation in the Yen during the coming trading hours in response to this rate cut.

Current Time: 05/27 00:29 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
12/19
		JPY	BoJ Press Conference		*	*	*
	05:05	JPY	Monetary Policy Statement		*	*	*
	05:05	JPY	Overnight Call Rate		0.30%	0.20%	0.10%