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BoJ fails to reach inflation target hurting yen

Publish Date28/12/2012 05:45:10 AM

Last Update28/12/2012 08:43:08 AM

The Bank of Japan failed to achieve targeted inflation rate of 1.0% as consumer prices excluding fresh food and energy fell 0.1% in November.

Today’s inflation data hit Japanese yen trading it at lowest since August 2010 against the U.S. dollar, as expectations grow that new Japanese government will add pressure on BoJ to add more stimulus in order to achieve a new inflation target of 2.0%.

Japanese yen declined visibly during this week against the dollar and major currencies in markets suffering low liquidity due to holidays, as the recent negative economic indicators and high expectations for further measures participated in yen’s decline.

The USD/JPY pair rose to highest in 28 months at 86.62 and now trading near 86.44, while the EUR/JPY pair recorded highest in 17 months at 114.68 and now at 114.49.

The Australian dollar and New Zealand dollar trended steadily during today’s session after the recent decline against the dollar, where the AUD/USD pair recorded a high of 1.0385 and low of 1.0360 while the NZD/USD pair recorded high of 0.8214 and low of 0.8196.

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