The Japanese yen continued to fall today as Japan was not blamed for devaluing the currency at the Group of Seven and the Group of Twenty meetings last week.
Japanese Prime Minister Shinzo Abe said:
I’m not in a position to comment on an appropriate currency level. Basically, our policies are not aimed at weakening the yen.
Indeed, the G20 members looked ready to take the Japan’s policies as the ones aimed at boosting the economy, not devaluing the currency. Now the major concern is who will take the Bank of Japan’s leadership and what will it mean to the monetary policy.
USD/JPY rose from 93.65 to 93.91 (the daily high was at 94.19) and EUR/JPY ticked up from 125.00 to 125.39 (the intraday maximum was at 125.86) as of 12:27 GMT today.
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