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Yen strengthens following BoJ minutes

26th November 2013

Having dropped to a six-month low against the dollar, the yen has advanced today (November 26th), strengthening following the release of the minutes from the Bank of Japan's (BoJ's) October policy meeting.

These revealed policymakers foresee risks for the country's economic outlook. In addition to noting it is currently "highly uncertain" whether the bank's two per cent inflation rate target will be reached by 2015, the members of the BoJ's policy-setting committee stated there are concerns regarding the level of inflation in the medium-to-long term.

According to latest figures, inflation in Japan was 0.7 per cent in September. Earlier this week, BoJ governor Haruhiko Kuroda reaffirmed the bank's commitment to its two per cent target, confirming additional stimulus will be implemented if deemed to be necessary.

As of 10:35 GMT, the yen was 0.27 per cent stronger against the dollar at 101.41 yen, this is up from the six-month low of 101.92 seen yesterday.

The pound also advanced in forex trading markets today, climbing ahead of UK gross domestic product data due to be published tomorrow. 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.