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21 Oct 2013
USD/JPY Yen comes under pressure on slowing export growth and reaffirmed loose monetary stance
FXstreet.com (London) - The yen came under pressure this morning on slowing export growth and reaffirmed central bank commitment to ultra-loose monetary policy.
This morning the Japanese finance ministry reported that Japanese exports increased 11.5 percent in September year-on-year, its slowest rate of growth in three months. Export numbers missed consensus expectation of 15.6 percent, down from 14.6 percent in August.
Bank of Japan officials have continued to support their stance of aggressive loose monetary policy, targeting stable 2 percent inflation with easing measures. BoJ Governor Haruhiko Kuroda told parliament this morning that he remains positive that this target can be met within two years.
USD/JPY fell to JPY97.8400 mid-session before the dollar regained some ground on the announcement. The weakening yen followed two-day gains against the dollar, with a tapering of the Fed’s open-ended quantitative easing programme likely pushed into 2014 following the temporary extension of the US debt ceiling to 7 February.
USD/JPY is currently up 0.2 percent to JPY98.05.
This morning the Japanese finance ministry reported that Japanese exports increased 11.5 percent in September year-on-year, its slowest rate of growth in three months. Export numbers missed consensus expectation of 15.6 percent, down from 14.6 percent in August.
Bank of Japan officials have continued to support their stance of aggressive loose monetary policy, targeting stable 2 percent inflation with easing measures. BoJ Governor Haruhiko Kuroda told parliament this morning that he remains positive that this target can be met within two years.
USD/JPY fell to JPY97.8400 mid-session before the dollar regained some ground on the announcement. The weakening yen followed two-day gains against the dollar, with a tapering of the Fed’s open-ended quantitative easing programme likely pushed into 2014 following the temporary extension of the US debt ceiling to 7 February.
USD/JPY is currently up 0.2 percent to JPY98.05.