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Yen Tumbles Past 148 Per Dollar As BoJ Stands Pat On Rates; JPYINR Down Half A Percent
(22 Sep 2023, 14:23)

The Japanese yen tumbled to its lowest level in nearly a year on Friday after the Bank of Japan (BOJ) maintained a dovish stance on monetary policy. The Japanese central bank kept its ultra-loose policy settings and maintained the target around 0% and the cap of 1.0% for the 10-year bond yield. However, inflation staying above the central bank's target and yen plummeting to near 150 could prompt the BoJ to reverse its policy stance. Data released earlier Friday showed Japan's core inflation rose to 3.1% on-year in August, higher than the 3.0% expected, staying above BOJ's 2% target. Besides, strength in dollar index, hovering at six month high of 105.28 is also adding pressure on the Japanese currency. USDJPY is quoting at 148.34, up 0.5% on the day and at a level last seen in October 2022. Meanwhile, on the NSE, JPYINR September futures are currently seen trading at 55.94, down more than half a percent on the day.

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