JPY Weaker in Asia

The yen weakened to trade at 114.14 to the dollar at 11:40 a.m. HK/SIN. The currency had initially traded at 113.88 yen to the dollar immediately after the news, compared with levels around 113.96 seen before.

The weakening in the yen also followed the Bank of Japan stepping up plans for its bond-buying program on Friday.

“A surprising pivot by the BOJ has policy divergence between the U.S. and Japan back to the fore … It’s hard not to remain constructive on the dollar/yen given the divergence narrative and we could see the dollar/yen push higher early this week,” OANDA senior trader Stephen Innes said in a Monday morning note.


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Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes