TOKYO, April 27 — The yen held its ground today after the Bank of Japan removed limits on its government bond purchases and increased corporate debt buying to help companies hit by the coronavirus crisis. The BoJ’s decision was widely in line with expectations, so traders instead shifted their...
The dollar has risen in recent weeks due to a dollar funding crunch and safe-haven inflows, but some analysts say the greenback is likely to fall in the long term because the Fed has eased monetary policy more aggressively than other central banks. ― Reuters pic
The Fed has already announced a raft of measures and is expected to stay on hold this week, which is unlikely to trouble the dollar, analysts say. “Every economy is suffering and all major central banks have already eased policy a lot, so it’s difficult to differentiate from one currency to the next.”Against the euro, the yen traded at 116.30, close to its strongest in three years against the common currency.
The BoJ also said it would increase purchases of corporate bonds and commercial paper as companies struggle with lost revenue. The Australian dollar rose 0.58 per cent to US$0.6434 as more than a million Australians rushed to download an app to help trace close contacts of Covid-19 patients. The euro was little changed at US$1.0834 in Asia today. Against the pound, the euro traded at 87.34 pence.
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