The Japanese yen rallied against the US dollar today after the Bank of Japan conducted its April policy meeting. The currency was unable to beat its other rivals.
BoJ Board members voted for keeping stimulus intact with one dissenter who argued in favor of reducing monetary accommodation. Takahide Kiuchi voted for reducing the size of annual asset purchases to ¥45 trillion from the current ¥80 trillion. With the majority of voting members preferring to keep the current loose monetary policy, it will be hard for the yen to keep its gains versus the US dollar which is supported by prospects for monetary tightening from the US central bank.
USD/JPY fell from 120.26 to 119.85 as of 9:21 GMT today. At the same time, GBP/JPY rallied from 178.08 to 178.79, bouncing from its daily low of 177.62.
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