Currencies  |  February 19, 2013 10:40:00

USD / JPY hampered its strong upward movement The Bank of Japan (BoJ) today announced early minutes of the board meeting BoJ, from which we learn more about the general view of the local economy and its monetary plans. The biggest news, which brought the publication of registration was considering the possibility of buying government bonds with longer maturities. The reason is to be humiliated term interest rates, another step towards easing monetary policy.

Currently BoJ buys among other assets (such as corporate bonds) and government bonds with a maturity of up to 3 years.Some board members have suggested thus buying of government bonds with longer maturities up to 5 years. BoJ maintained its inflation target of 2 percent, even though the minutes shows that not all board members supported this decision. Some are acquiring a 2 percent inflation target seems unrealistic, but they will at long deflation, no one can be surprised. Important for inflation is how the ambitious inflation targets align the Japanese and include them in their inflation expectations. BoJ also reaffirmed the new program indefinite bond purchases, which begins in 2014 in the form of a massive purchase of new assets. Japan thanks to new government Shinzo Abe tries to follow those steps and start to beat deflation economy.

Currency pair USD / JPY failed to break through yesterday 33měsíční high of 94.46, which reached early last week, so resistance is gaining significance. It is likely that investors will now be Yen (JPY) time to consolidated until definitively known local new central bank governor with two mA e deputies. Parliament should have new governors decide between February 21 to 24. The hottest candidate so far seems Toshiro Muto.

Currency pair USD / JPY traded yesterday at correction. Low activity on this pair was given a national holiday in the U.S.. Also helped to decrease hidden bearish divergence. Currently sitting at support price 93.48 and could head up to 92.59.

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