Yen Lower Against All Currencies Ahead of the BOJ Meeting
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BOJ meeting
The Yen corrected itself over night against all of the other 16 currencies it’s paired against. This comes after the economic Minister of Japan commented that it is strongly believed that that the yen’s weakening was nearly finished. He also said that it was belief that a further weakening of the yen could negatively affect the country and its citizens economically. There is a 2 day Bank of Japan policy meeting which will be watched keenly by traders.
Meanwhile traders are also sitting on the sidelines in anticipation of the Fed Reserve comments due tomorrow given by Chairman Ben Bernanke.
Stocks
Investors remain cautious ahead of the Fed Reserve meeting as it is widely expected that the Central Bank will put an end to their QE programme. This caused the Asian stocks to move between slight gains and losses. In the Asian session the Nikkei 225 saw a 0.01 per cent gain ahead of the start of todays BOJ 2 day meeting, with the Australian ASX 200 index closed up 0.6 per cent.
Read on for forex, commodities and what to watch today