Posted On: July 11, 2012
The value of the Japanese yen gained against the U.S. dollar on Wednesday amid indications that the sovereign debt scourge crisis in the euro zone is proving to be harmful to development and growth, according to
Also boosting the Pacific Rim's monetary unit is conjecture that the Bank of Japan will not intervene with monetary stimulus programs, which would water down the value of the safe-haven currency. Officials with the central bank are slated to convene this week.
"We do think the BOJ will ease further, but not at this week’s policy meeting," global head of currency research Callum Henderson with Standard Chartered in Singapore told the news source. "That's going to be a further source of disappointment if indeed that plays out. The yen should strengthen."
Of 17 economist and analysts polled by Bloomberg, 10 said the two days of meetings of the Bank of Japan set to begin on Thursday are unlikely to deliver any marked changes.
The Wall Street Journal reports
Wednesday in Japan ended with the nation's stock on the wane in advance of Thursday's central bank meeting.
Category: Industry News
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