The yen has weakened notably 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 (mostly likely via the Stimulating Bank Lending Facility, which currently offers loans at 0%), according to Bloomberg sources. USD-JPY stormed to a near three-week high at 110.75 after springing from sub-109.50 levels. EUR-JPY and other yen crosses have seen a similar price action. This sets the yen up for its first two-week stretch of declines in three months.
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