The yen surged in the wake of the BoJ's decision to refrain from easing policy, which resolutely disappointed markets with data today showing core CPI falling to a three-year low of -0.3% y/y, well off the BoJ's 2% target. Japan's Nikkei 225 equity index finished 3.6% in the red having been showing a 1.5% gain ahead of the central bank's announcement. USD-JPY clocked low at 107.93 during the London AM session, extending a 2.5%-plus decline in Tokyo trade, which is a 10-day nadir and 3.2% below yesterday's New York closing level.
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