The Japanese yen was soft today amid positive macroeconomic reports from the United States and signs that China will take steps to stabilize the banking system.
Positive data from the USA boosted the dollar as well as some higher-yielding currencies. The People’s Bank of China injected liquidity to some financial institution and signaled that the monetary policy will be looser after the recent spike in interest rates. The yen dropped against the euro too even as European Central Bank President Mario Draghi suggested that more accommodative policy may be appropriate.
USD/JPY rose from 97.78 to 98.06 and EUR/JPY advanced from 127.88 to 128.27 as of 00:15 GMT today.
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