Currencies  |  August 07, 2012 17:42:16

How long will it strengthen the yen?

Tomorrow begins a two-day meeting of the Bank of Japan (BOJ), whose results will be known until Thursday. Analysts speculate that the BOJ (Bank of Japan) Japan leaves monetary policy without significant changes. It is assumed that under the influence of the June strengthening Asian stock markets, caused by positive statements of the ECB President M. Draghi, the BOJ officials opt for a similar strategy, which also chose the RBA (Australian Central Bank). So keep your aces up his sleeve for a rainy day and leave interest rates unchanged at the current level of 0.1 per cent.

Japanese yen against the U.S. dollar since the end of June strengthened by almost 3 percent and slowly approaches the level of 78 yen per U.S. dollar. Japan's central bank last fall conducted unannounced interventions in order to maintain currency pair USD / JPY above the price level 78USD/JPY. In this way, the bank wanted to prevent further appreciation of the yen and to protect domestic exporters. Last year in late October BOJ sold 8.07 trillion yen and bought U.S. dollars. From first to fourth of November they still sold a further 1.02 trillion yen in order to prevent its further strengthening.

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