The yen has weakened on a report that the BoJ is considering making a bigger commitment to NIRP, which may be a cut in the -0.1% rate on selected excess bank reserves and the introduction of negative-rate loans, according to Bloomberg sources. USD-JPY logged a near three-week high at 110.43 after springing from sub-109.50 levels. This sets the yen up for its first two-week stretch of declines in three months. Japan's Markit manufacturing PMI survey for April underscored the plight of Japanese policymakers.
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