Japan’s
yen fell on Monday, after incoming Japanese premier Shinzo Abe said he
would try to pass laws to strip the Bank of Japan of its independence if
it refused to set a 2pc inflation target.
from Telegraph.co.uk
Sterling
bought 136.5 yen in Monday morning trade from 136.2 yen on Friday,
after Mr Abe threatened on Sunday to revise a law guaranteeing the BoJ’s
independence if it did not back his proposed inflation goal. The dollar
fetched 84.5 yen from 84.24 yen.
“The yen is finding sellers, even in thin holiday trade,” said Jason Hughes, head of premium client management for IG Markets Singapore.
“The changes in political circles in Japan mean we will see a more aggressive stance in weakening,” he told AFP.
Mr Abe has said that he will pick someone who agrees with his views on the need for bolder monetary easing to succeed governor Masaaki Shirakawa when his term expires in April next year.
Continue Reading at Telegraph.co.uk…
from Telegraph.co.uk
Sterling
bought 136.5 yen in Monday morning trade from 136.2 yen on Friday,
after Mr Abe threatened on Sunday to revise a law guaranteeing the BoJ’s
independence if it did not back his proposed inflation goal. The dollar
fetched 84.5 yen from 84.24 yen. “The yen is finding sellers, even in thin holiday trade,” said Jason Hughes, head of premium client management for IG Markets Singapore.
“The changes in political circles in Japan mean we will see a more aggressive stance in weakening,” he told AFP.
Mr Abe has said that he will pick someone who agrees with his views on the need for bolder monetary easing to succeed governor Masaaki Shirakawa when his term expires in April next year.
Continue Reading at Telegraph.co.uk…
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