News Column

Dollar briefly rises to 102 yen on hope for BOJ monetary easing

February 17, 2014

TOKYO, Feb. 18 -- (Kyodo) _ The U.S. dollar rose briefly above the 102 yen line Tuesday morning in Tokyo due to expectations that the Bank of Japan will adopt further monetary easing measures in its two-day policy meeting that began the previous day.

At noon, the dollar fetched 101.92-93 yen compared with 101.75-76 yen in Tokyo at 5 p.m. Monday. The New York markets were closed Monday for a national holiday.

The euro was quoted at $1.3710-3712 and 139.74-81 yen against $1.3703-3704 and 139.43-47 yen in Tokyo late Monday afternoon.

Some foreign participants sold the yen apparently in anticipation of additional monetary easing, but the move was short-lived amid a wait-and-see mood ahead of the conclusion of the central bank's Policy Board meeting, dealers said.

"Some foreign market players appeared to be anticipating additional monetary easing policies following the weaker-than-expected gross domestic product data released the previous day," said Daisuke Karakama, market economist at Mizuho Bank.

The U.S. currency could drop against the yen if BOJ Governor Haruhiko Kuroda does not meet the market's expectations when he gives a press conference later in the day, Karakama added.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Japan Economic Newswire

Story Tools