Yen Strongest on Monday, Boosted by JGB Yields & BoJ Speculations

The Japanese yen was the strongest major currency today, rising against all of its most-traded peers.

Some market analysts attributed the strength of the currency to the sharp rise of the 10-year Japanese government bond yields. Others explained the yen’s rally by speculations about possible reduction of monetary stimulus by the Bank of Japan. Today’s calendar was empty in terms of economic news from Japan, and traders were waiting for tomorrow’s manufacturing and inflation reports.

USD/JPY fell from 111.37 to 111.10 as of 11:22 GMT today, touching the daily low of 110.75. EUR/JPY declined from 130.59 to 130.13.

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