James Ramage
The Wall Street Journal
April 8, 2014

The yen rose against the dollar on Tuesday after the Bank of Japan 8301.TO +3.09% held steady on its policies, bucking some investors’ expectations for more monetary easing.

The dollar dropped 1.3% against the yen, to 101.76 from 103.10 on Monday, its lowest level since March 19. The euro lost 0.9% versus the Japanese currency, to 140.40 from 141.68.

The BOJ ended a two-day meeting Tuesday without reducing interest rates that are now near zero or increasing its bond purchases. Some traders were anticipating the central bank would make such moves, which are often aimed at stoking growth by injecting money into the economy. A boost to Japan’s national sales tax took effect April 1, and some traders and investors thought the BOJ would act to mitigate the economic headwinds expected from the tax increase.

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