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Japanese Yen Slumps Over 1% Against Dollar As BoJ Maintains Ultra Low Policy

Published on Dec 19, 2023 14:46

The Japanese yen slumped by over 1% against the dollar on Tuesday following Bank of Japan�s decision to maintain the status quo on interest rates of 0.1% and unanimous vote to keep the Yield Curve Control (YCC) policy unchanged. USDJPY touched a one-week high, well above 144 mark after BoJ Governor Kazuo Ueda reiterated that the central bank will not hesitate to take additional easing measures if necessary. "With extremely high uncertainties surrounding economies and financial markets at home and abroad, the Bank will patiently continue with monetary easing while nimbly responding to developments in economic activity and prices as well as financial conditions," the bank said. The yield on the 10-year JGB also tumbled to 0.6%, the lowest since mid-August. Currently, the pair is quoting at 144.62, up 1.31% on the day even as the dollar index stays largely unchanged along the flat line. On the NSE, JPYINR futures is sliding lower all through the day and currently quotes at 57.63, down 1.14% on the day.

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