JPY Daily News

BOJ's $100 Billion Fund Stunts JPY Growth

The Japanese yen (JPY) was pushed back yesterday, as the Bank of Japan (BOJ) unveiled a new fund of approximately $100 billion in order to curb the rising strength of the island currency. Piling atop recent reports on Japan's shrinking household spending figures, the publication of Japanese trade data has shown a decline in exports consistent with an overly strengthened yen. Despite a meeting between French and German ministers over economic cooperation last week, the Pacific nations appear to be rushing ahead with their bullish endeavors, contrary to market outlook among the European nations.

Japan's economy has been much worse in its performance than it was expected to be just one month ago. Investors have been piling into the JPY en masse as its strength as a store of value gained appeal. As housing slumps, and as monetary adjustments take place in China and New Zealand, the Japanese and Swiss economies now finds themselves gaining the most from the blows coming down on Europe. With Wednesday's move by the BOJ, the future of the yen's strength is as yet undetermined, but will likely adopt a bearish overture in the next few days.

Current Time: 05/27 00:45 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
08/25
	00:30	JPY	Tokyo Core CPI	y/y	0.4%	-0.1%	-
	00:30	JPY	National Core CPI	y/y	-0.2%	-0.1%	-