Speculation that the Bank of Japan will maintain its ultra-low interest rates had investors abandoning the yen in favour of other major currencies including the euro and the dollar. The yen declined 0.5 percent to 129.64 per euro at 8:07 a.m. in New York, from 129 yesterday. JapanÃ¢â‚¬â„¢s currency slid 0.5 percent to 90.42 per dollar, from 89.96. The euro dropped 0.5 percent to 1.4953 Swiss francs, from 1.5020. The euro was little changed at $1.4337, compared with $1.4338.
Ã¢â‚¬Å“The Bank of Japan said that it will maintain an accommodating monetary policy,Ã¢â‚¬Â said David Deddouche, currency strategist at Societe Generale SA in Paris. Ã¢â‚¬Å“The yen is suffering.Ã¢â‚¬Â
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.