Japanese Yen Attempts Recovery after Tumbling Near 33-Year Low

Published on Nov 01, 2023 12:16

The Japanese yen struggles around a 33-year low against the dollar on Wednesday after Bank of Japan disappointed yesterday with no change in policy action and only a small alteration in language to its yield curve control policy on Tuesday. The BoJ decides to keep the yield target but make 1% a reference cap. The 10-year Japanese government bond yield reached its highest levels in a decade around 0.95 per cent. The last time the yen had breached the 150 level before October last year was in early-1990, during the onset of the lost decade. Currently, USDJPY was quoting at 151.30.Meanwhile, on the NSE, JPYINR futures are trading at 55.37, down 0.40% on the day.