BOJ Takes Stimulus Steps | IFCM
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BOJ Takes Stimulus Steps - 20.12.2012

Today the BOJ meeting was ended. The Bank increased the asset purchasing and lending programs by 10 trillion yen to 101 trillion, in accordance with market forecasts, keeping the corridor for the overnight interest rate unchanged - 0%-0.1%. The program increase is the fifth for the current year. In addition, there was the intention to revise the Bank inflation target at the next meeting in January, as it was noted in the statement. Recall that the current level is 1%, however, the leader of the Liberal Democratic Party that has won the parliamentary elections, Shinzo Abe, called for a target level of 2%. Yesterday, the US dollar rose against the yen to 84.60, refreshing 18-months high once again. Today, at the end of the Asian trading session, the pair fell slightly below 84.00 that may be due to the partial closure of positions because of the upcoming New Year’s (see the chart). Japanese currency has lost more than 5.6% against US dollar within five last weeks and fell by 8.2% since the beginning of October. Euro yesterday also reached its highest level since August 2011 - 112.48 vs. Japanese yen, but then it fell to 111.00.
USDJPY, daily chart
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