Japanese yen is gaining today as Bank of Japan policymakers share their assessment of the economy. Even with an upbeat view of the recovery, yen is lower against its major counterparts.
The Bank of Japan just ended a two-day policy meeting, in which the economy was discussed and the need for stimulus measures was reviewed. When making a statement about the economy, policy makers said that the economy is “starting to recover moderately.” This has been taken by many to be an upgrade over last month’s statement that the economy was “picking up.”
For the last several months, the Bank of Japan has been using stimulus measures to boost the economy, using when many have dubbed “Abenomics” after Prime Minister Shinzo Abe who was put in late last year. The Bank of Japan said that it will continue its easing efforts, but many feel that the fact that the economy seems to be improving means that measures need not be so aggressive.
However, the yen is lower against its counterparts anyway, since the BOJ remains committed to continuing the easing at some level.
At 14:24 GMT USD/JPY is up to 99.4445 from the open at 99.1020. EUR/JPY is up to 130.6535 from the open at 130.4400. GBP/JPY is up to 151.3115 from the open at 150.2250.
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