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Yen Set for Best Quarterly Gain Since 2016 Before BOJ Debt Plan


Friday, 30 March 2018 11:25 WIB

YenUSD/JPY,


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The yen is set for its biggest quarterly gain since 2016, boosted by speculation over the ending of Japan's stimulus policies and haven demand during a global stock market rout.

USD/JPY dropped 0.2% to 106.22 Friday, taking the decline for the first three months to around 5.7%. That's the most in seven quarters. The dollar edged down with most global markets closed for a public holiday

The Bloomberg Dollar Spot Index fell 3% in the first quarter, the most since the period ended June, on concerns over the impact of U.S. President Donald Trump's tariffs

USD/JPY is bouncing off the 16-month low of 104.56 reached on Monday. Yen has been bought this quarter amid speculation that a cut in bond purchases by the Bank of Japan signaled the tapering of its stimulus. A scandal engulfing Prime Minister Shinzo Abe has also raised questions over his continued stewardship and his reflationary policy.

BOJ to announce debt purchase plans for April end of Friday. Net bond buying for fiscal 2017 is below 60 trillion yen, compared with its guideline of 80 trillion yen annually.

EUR/USD rose 0.1% to $1.2316

AUD/USD gained 0.1% to 0.7685

Source : Bloomberg


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