The Japanese yen weakened today as prospects for additional stimulus from central banks of developed nations attracted investors to higher-yielding assets and reduced demand for safety.
The Bank of Japan is perhaps the most aggressive central bank with continuous efforts to boost the economy and weaken the yen. Prospects for additional monetary easing continue to push the currency to the downside. One of the best performers against the yen today was the New Zealand dollar. The kiwi was supported by the prediction of the New Zealand central bank that there will be no need for an interest rate cut this year.
USD/JPY rose from 99.45 to 99.62 as of 10:23 GMT today. NZD/JPY jumped from 83.40 to 84.24.
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