The Japanese yen rose against the US dollar but fell versus the euro today. The Bank of Japan released minutes of its May meeting during the current session.
The minutes said:
With regard to the outlook, Japan’s economy is expected to continue recovering moderately. The year-on-year rate of increase in the CPI is likely to be about 0 percent for the time being, due to the effects of the decline in energy prices.
As for the monetary stimulus, they added:
Quantitative and qualitative monetary easing (QQE) has been exerting its intended effects, and the Bank will continue with QQE, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner.
Meanwhile, the Services Producer Price Index rose 0.1 percent in May from April and 0.6 percent from May 2014.
USD/JPY ticked down from 123.93 to 123.85 as of 10:20 GMT today. EUR/JPY was up from 138.39 to 138.58, reaching the high of 139.15 intraday.
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