Japan's
Prime Minister Shinzo Abe announced that buying more foreign
bonds will be unnecessary after the new BoJ's Chief takes control of the
Central Bank, which might be an attempt to weaken the yen.
Avoiding
foreign bond purchases would limit tension with Group of 20 nations that
pledged this week to refrain from targeting exchange rates for competitive
purposes. The yen is swinging as investors assess the limits of the economic
campaign dubbed ‘Abenomics,’ with the prime minister preparing to choose a new
BOJ governor next week.
On the
other hand, the JPY mounted by 0.3% to reach 93.26 against the USD after
earlier falling as much as 0.3%.
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