Yen Climbs as Bank of Japan Makes No Move

The Japanese yen gained today following the monetary policy of Japan’s central bank. The bank refrained from making its policy more accommodative as some analysts had expected, thus supporting the currency.

The Bank of Japan left interest rates and the size of the asset-purchase program unchanged at today’s meeting. Ahead of the announcement, there were plenty of market participants who were speculating that the central bank may ease its policy. And there are still expectations of monetary easing later this year, perhaps as soon as at the next meeting on October 30. But for now the yen profits from passiveness of the BoJ.

USD/JPY went down from 120.20 to 120.11 as of 11:12 GMT today, reaching the low of 119.75 intraday. EUR/JPY dropped from 135.48 to 135.24, and its daily low was at 134.74.

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