16th April 2014
The yen has declined against the majority of its forex trading peers today (April 16th), following the release of latest Chinese economic data.
Demand for the traditional safe-haven asset eased after official figures published in Beijing showed the Asian nation's gross domestic product expanded by 7.4 per cent in the three months to the end of March.
Although this represents a slowdown from the 7.7 per cent growth recorded in the final quarter of 2013, it has been welcomed by investors as it is above the consensus estimate, which was for a 7.3 per cent result.
Earlier in the session, Bank of Japan (BoJ) governor Haruhiko Kuroda told the country's parliament the central bank continues to strive towards its two per cent inflation target, insisting it is not appropriate to begin discussing any potential exit of the bank's stimulus at the current time.
With policymakers set to meet on April 30th, the vast majority of analysts expect the BoJ to further expand its monetary easing by July.
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