Japanese Yen soars on prospect of BoJ QE exit

by | 5 Mar, 2018

The Japanese Yen has seen a solid upward trajectory in recent weeks

Shares in Toyota and Honda suffered today thanks to fears over what could happen to automakers in light of Trump’s action on aluminium and steel tariffs last week, with Japan’s Nikkei 225 falling 0.66 percent to close at 21,042.09, seeing its fourth straight session of losses. The TOPIX index ended down 0.79 percent, but the Japanese Yen continued its weekly advance higher against the Dollar, after the Bank of Japan’s Chief Haruhiko Kuroda hinted at a possible exit from its monetary easing programme.

Kuroda said the central bank would consider ending the strategy if it achieved its inflation target in 2019. Given his upbeat assessment of Japan’s economic health in January, a bullseye on inflation may come sooner rather than later. Today’s gains for the Yen made it the best performing G10 currency Monday.

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