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Yen Recovers After Dropping on Kuroda’s Comments

October 10, 2016 at 8:47 by Vladimir Vyun

Japanese coinsThe Japanese yen slipped during the current trading session Haruhiko Kuroda, Bank of Japan Governor, pushed back date for reaching the target inflation level. The has currency managed to recover after the initial drop and trades near the opening level as of now.

Kuroda said in an interview to Bloomberg today that he does not expect inflation to reach the target 2% level until 2018 instead of 2017 as it had been previously expected. He stated:

It may take slightly more months to reach the 2 percent inflation rate.

The Governor also suggested that the central bank will continue to stimulate the economy in order to reach the inflation target:

We will continue or even strengthen our monetary easing in coming months and years to achieve 2 percent inflation.

USD/JPY traded at about 103.18 as of 8:39 GMT today after falling from the open of 103.26 to the daily low of 102.80. EUR/JPY was down from 115.46 to 115.06 before rebounding to 115.38.

If you have any questions, comments, or opinions regarding the Japanese Yen, feel free to post them using the commentary form below.

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