The Japanese yen continued its steady downtrend Thursday, as the country’s central bank kept its ultra-loose monetary policy intact.
MUST-SEE: Trump’s Financial Disclosure Statement
This could be the biggest Obama “scandal” EVER…
It has to do with a secret that he and the Pentagon kept hidden at 9800 Savage Rd., Fort Meade, Maryland, for his ENTIRE presidency.
You won’t want to miss THIS.
The CIA spends billions of dollars to keep scandalous stories under wraps. So we wouldn’t be surprised if they wanted this page taken down immediately.
Click here for the shocking truth.
The Bank of Japan (BOJ) also signaled its readiness to ease policy further amid the on-going nuclear safety crisis.
The yen has been falling ever since the first G7 intervention in a decade on March 18, and hit an 11-month low against the euro, and a six-month low against the dollar this week.
These levels put the currency nearly 10 yen above its record low of 76.25 hit after the earthquake.
Weakness has been fueled by expectations the BOJ will lag the European Central Bank and the US Federal Reserve in raising interest rates.
The European Central Bank is widely expected to raise interest rates later Thursday, from a record low one percent to curb inflationary pressures.
Ultra low interest rates in Japan is stirring a revival of the yen carry trade, where investors borrow against the yen, to fund investment in other currencies that pay higher interest rates.
Bottom line: The Japanese yen continues its weakening trend, in anticipation of continued loose monetary policy in Japan and tightening by the European Central Bank and other central banks.