The dollar jumped more than 2% against the Japanese yen on Monday, logging its largest one-day gain since mid-March after a landslide electoral victory by Japan’s ruling Liberal Democrats was seen as increasing the chances of more stimulus.
Also, speculation swirled that the Bank of Japan could soon move to weaken the yen by selling a large quantity on the open market, after Reuters reported that former Federal Reserve Chairman Ben Bernanke visited the BOJ over the weekend
One U.S. dollar USDJPY, -0.06% bought ¥102.80 late Monday in New York, compared with ¥100.60 late Friday in New York. It’s daily gain of 2.3% was the largest since March 17, the day the Fed released a dovish policy statement that sent the dollar 2.8% higher against its Japanese rival
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Source: market watch
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