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Japanese yen daily update for 21st December 2017


Following today's Bank of Japan event, the yen is mostly mixed. While expectations were building for the Bank to communicate a change in strategy as we wrote in our BoJ preview, Governor Kuroda instead delivered a non-event. As such, trading action in the yen following the event has been fairly limited. Looking at other economic data, cross-border stock and bond investment data continue to show capital outflows (weakening the yen). Our short-term and medium-term outlook remains bearish.   

USD/JPY is currently trading just above 113.50. Looking at the euro versus the yen, EUR/JPY is up and is currently trading above 134.70. 

This is a fairly important week for economic data and events relating to the yen. Japanese trade balances were better than expected (+¥113.4b vs. -¥54.9b expected). Cross-border stock (-¥622.5b) and bond investments (+¥51.0B) show that capital outflows continue. The Bank of Japan meeting was mostly a non-event, with Governor Kuroda suggesting no change in future monetary policy. Last week, the Tankan survey showed that Japanese businesses remain optimistic.


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