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JPY Daily News
High Inflationary Figures Pass Unnoticed by Bank of Japan
Yesterday, the JPY saw bullish trends against most of its currency counterparts after experiencing an early depreciation. The JPY was trading near 104.50 against the dollar during New York trading hours, but later on the USD was came down in value and was then trading at 105.92 against the Yen during a somewhat choppy session, while versus the EUR, the JPY reversed losses and was consolidated at over 155.40.
News from the Japanese economy provided traders with the National Core CPI, which stuck at the 10-year high figure of 2.4%, while Tokyo's Core CPI hit a new decade high in September at 1.7%, despite the prediction of a decrease in this figure in light of slightly falling oil prices. These inflation figures passed unnoticed by the Bank of Japan (BoJ), however, on whether or not they would change Interest Rates. Their biggest worry appears to be the downside risk to the economy of such a change in its rates. Logically it seems the BoJ would not raise the rates until next year when the financial crisis has passed and the global economy begins its recovery.
As for today, the JPY will be absent from the economic calendar. Traders should keep an eye on the Yen's counterparts, as well as data from the U.S. regarding the rescue plan, before placing their orders as we could see some volatility before market closing.
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