Yen holds ground as Asian stocks retreat
2018-03-13 10:26:21 GMT (Economies.com)
Yen holds ground as Asian stocks retreat

Yen managed to hold its gains made yesterday against the dollar as Asian stocks decline, underpinning demand on yen as a safe haven. 

 

Forex markets are in a lull ahead of crucial US data later today, which could set the path for Federal Reserve's rate hikes in the next few months.   

 

USD/JPY last traded at 106.6472, compared to the opening of 106.43, with a session-low at 106.25, and a high at 106.47. 

 

Yen's timid recovery comes as Japanese and Asian stocks lose ground, with yen considered a traditional haven in times of decline. 

 

Bank of Japan voted to hold monetary policy and interest rates unchanged at record lows last week, asserting the stimulus program will carry on until inflation hits 2%. 

 

The tone of Bank of Japan's statements last week underpinned yen yet again as markets grow tense on the prospect of peristently weak Japanese recovery. 

 
 
 
  Symbol Last Change Chg.%
1.1657
0.0065
0.5633%
1.3263
-0.0001
0.0041%
16.445
-0.113
0.682%
69.320
4.947
7.686%
75.59
2.53
3.46%
1269.655
-10.115
0.790%
 
 
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