Market News
February 25, 2013 @ 6:34 am

Yen hurt by news that news that BOJ nominee to be bold on monetary policy

The yen slid against most major counterparts in early Monday trading in reaction to news that the Japanese government is close to nominating a new Governor of the Bank of Japan. The incumbent, Masaaki Shirakawa steps down on March 19.The likely candidate is current Asian Development Bank President Haruhiko Kuroda, who is seen as favouring bold monetary policy.

Expectations of more policy easing caused the Japanese currency to drop to a 33-month low against the dollar. The dollar shot up to 94.77 yen  in the Asian session on Monday compared to Friday’s 93.39 yen, reaching highs not seen since May 2010. The greenback is up 0.7 percent from Friday and up nearly 20 percent against the yen in the past three months or so on expectations of BOJ easing.

The dollar shot up to 94.77 yen compared to Friday’s 93.39 yen, reaching highs not seen since May 2010. The greenback is up 0.7 percent from late U.S. levels and up nearly 20 percent against the yen in the past three months or so on expectations of BOJ easing.

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