Yen trims losses after BOJ policy announcement ( 31 Oct 2013 )

October 31, 2013

The yen gained against the euro and US dollar in today’s Asian session after the Bank of Japan announced it maintained its current monetary stimulus program.

The central bank’s governor, Haruhiko Kuroda announced that the board unanimously voted to expand the monetary base by between 60 trillion yen and 70 trillion yen per annum. This will help stimulate the sluggish Japanese economy.

The yen gained about 60 pips against the euro, with EURJPY falling to a session low of 134.58. USDJPY declined to 98.26, moving off yesterday’s high of 98.66 yen which the dollar reached after the Federal Reserve monetary policy statement.

The FOMC voted to maintain its $85 billion in monthly bond purchases yesterday as expected.

EURUSD lost 0.2 percent and slid to lows of $1.3688. GBPUSD fell 0.1 percent reaching lows of $1.6005.

The Aussie was the biggest mover in Asia, after rallying on improved building approvals numbers. AUDUSD climbed to a high of $0.9507, moving off a low of $0.9456. The September numbers rose much more than expected to 14.4 percent compared to 2.9 percent expected. In the previous month, there was a decline of 1.6 percent.

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