Yen Soft as BoJ Continues to Signal About Easing

The Japanese yen was soft today as the Bank of Japan continued to send signals about possibility of additional monetary easing.

BoJ Governor Haruhiko Kuroda was talking about monetary policy in an interview today, saying that the central bank “can still ease monetary policy substantially” in case of necessity. Kuroda also voiced an opinion that the yen is overvalued. The comments reinforced the outlook for additional monetary accommodation, and some analysts speculated that it may be implemented as soon as the next month.

USD/JPY rose from 108.40 to 108.75 as of 15:47 GMT today but backed off from the daily high of 109.36. GBP/JPY gained from 156.59 to 157.45, and its daily maximum was at 158.44.

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