Japanese Yen Gains as Kuroda Says No More Interest Rate Cuts

The Japanese yen rose today, reaching the highest level since November 29 against the euro, after Bank of Japan Governor Haruhiko Kuroda signaled that he does not plan cutting interest rates deeper into the negative territory.

Kuroda said on Wednesday:

 

There is not much likelihood that we will further lower the negative rate.

The decision to implement negative rates was heavily criticized for having limited positive impact on Japan’s economy and potentially hurting more than helping it.

Meanwhile, Forex trading were waiting for the policy minutes from the Federal Reserve, though market analysts argued that the report is unlikely to reveal anything interesting.

USD/JPY dropped from 113.66 to 113.15 as of 10:22 GMT today. EUR/JPY slumped from 119.36 to 118.92.

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