London (PRWEB UK) 12 July 2013
Upon its release Japan?s Monetary Policy Statement showed that Japan has now started to recover and therefore no further stimulus is required for now. Haruhiko Kuroda later stated that their central bank?s two percent inflation target is still what they are aiming for and that even though wages are still quite static, employment in general is on the up.
Vantage FX, Head of Market Analysis Jay Mawji commented:
"Abenomics" has prospered in Japan, paving the way for a change in policy from the Western worlds 'currency war'. Shinzo Abe and Kuroda flooded the Japanese economy with a $7bn expansion to the monetary base. The drastic policy boosted economic activity, saw the Yen move to new lows and reset the global forex markets.
"The result: a Japanese economy that has begun talking about an economic recovery for the first time in a decade. The BoJ suggested that they are unlikely to pursue further easing policy unless oversees condition requires it, although they have begun discussing further policies to continue the economic recovery. Whilst western economies took their time to formulate and implement policy, Shinzo Abe and the BoJ took the direct approach that has yielded the most significant results so far. As for the Yen... the 100 level may be a fanciful level once again.?
Generally good news for Japan, but what did this mean for forex?
Immediately after the announcement we reported that in Euro/JPY: the Euro lost some ground against the improved JPY. From an opening in the 12932 area values fell away almost immediately. Support finally re-emerged in the 12800 region from where falls were corrected in the afternoon with the market closing back towards the 12871 zone.
Traders can compare forex spreads now or stay up to date with forex currency highlights via Vantage FX?s blog.
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Source: http://uk.prweb.com/releases/vantage-fx/bank-of-japan/prweb10923552.htm
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