NEW YORK, Jan 14 — The yen surged yesterday, adding to earlier gains on speculation the Bank of Japan (BOJ) will revise its ultra-loose monetary policy, while the dollar edged up...
NEW YORK, Jan 14 — The yen surged yesterday, adding to earlier gains on speculation the Bank of Japan will revise its ultra-loose monetary policy, while the dollar edged up against most other major currencies, rising off of a seven-month low.
“While a hike next week seems unlikely, it’s possible that the BOJ abandons YCC then in order to set up liftoff at the March or April meetings,” said Win Thin, head of global head of currency strategy at Brown Brothers Harriman. “This is the basic roadmap for tightening that’s been well-established by the Fed.”
“Our estimated impact of further BoJ policy adjustment points to potential JPY appreciation of up to 2.7 per cent, but we believe the risk is for a larger reaction — potentially double in size,” Barclays foreign exchange analysts said in a note to clients. The dollar index, which measures the greenback against a basket of currencies, including the euro and yen, edged up 0.02 per cent to 102.22.
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