Japanese Yen Firms On Inflation, Growth Concerns
The Japanese yen rose against its major counterparts in the
Asian session on Thursday, as Asian stocks dropped amid concerns
that inflationary pressures will lead to a tighter monetary policy
and slow economic growth.
Investors fear that elevated inflation due to an energy crunch
and supply-chain disruptions could force central banks to withdraw
The Bank of Canada terminated its quantitative easing earlier
than expected and suggested the possibility of a rate hike in the
middle quarters of 2022.
The Fed is widely expected to announce a reduction in bond
purchases when it meets next week.
The Bank of Japan maintained its massive monetary stimulus and
downgraded its real GDP growth and consumer inflation
The board, governed by Haruhiko Kuroda, voted 8-1, to hold the
interest rate at -0.1 percent on current accounts that financial
institutions maintain at the central bank.
The bank will continue to purchase a necessary amount of
Japanese government bonds without setting an upper limit so that
10-year JGB yields will remain at around zero percent.
Data from the Ministry of Economy, Trade and Industry showed
that Japan retail sales fell 0.6 percent on year in September -
coming in at 12.041 trillion yen.
That beat forecasts for an annual decline of 2.3 percent
following the 3.2 percent yearly drop in August.
The yen advanced to 113.50 against the greenback and 131.65
against the euro, up from its prior lows of 113.87 and 132.12,
respectively. Next key resistance for the yen is seen around 112.00
against the greenback and 128.00 against the euro.
The yen touched a 3-day high of 123.54 against the franc, rising
from a low of 124.01 seen at 5:15 pm ET. The yen is likely to find
resistance around the 119.00 level.
The yen edged higher to 85.11 against the aussie, 81.33 against
the kiwi and 91.71 against the loonie, following its previous lows
of 85.60, 81.62 and 92.11, respectively. The yen is seen finding
resistance around 83.00 against the aussie, 80.00 against the kiwi
and 90.00 against the loonie.
After falling to 156.43 at 6:45 pm ET, the yen gained to 155.92
against the pound. If the yen strengthens further, it is likely to
test resistance around the 153.00 level.
Looking ahead, German jobless rate and Eurozone economic
confidence index for October will be released in the European
The European Central Bank will announce interest rate decision
at 7:45 am ET. The ECB is expected to hold its main refi rate at a
record low zero percent and the deposit rate at -0.50 percent.
At 8.00 am ET, Destatis is scheduled to issue German preliminary
consumer inflation for October.
U.S. GDP data for the third quarter, weekly jobless claims for
the week ended October 23 and pending home sales for September will
be published in the New York session.
NZD vs Yen (FX:NZDJPY)
から 11 2021 まで 12 2021
NZD vs Yen (FX:NZDJPY)
から 12 2020 まで 12 2021