Yen Flat-to-Lower After Kuroda’s Speech

The Japanese yen was stable against such currencies as the US dollar and the Great Britain pound today, but fell against such European majors like the euro and the Swiss franc.

Bank of Japan Governor Haruhiko Kuroda was speaking at the University of Zurich yesterday. He defended the extremely accommodative monetary policy applied by the BoJ, saying that it helped to move closer to the bank’s target of 2% inflation. Therefore, he signaled that monetary stimulus will remain in place in the foreseeable future:

The Bank will continue to persist with powerful monetary easing to ensure that such positive developments are not cut short.

Kuroda was also speaking at the Central Bank Communications Conference hosted by the European Central Bank, in Frankfurt, today, but the text of the speech has not been released yet.

USD/JPY was flat at 113.62 as of 12:25 GMT today after touching the daily maximum of 113.90. EUR/JPY rallied from 132.54 to 133.26.

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