Greenback hits 6-week peak vs. yen on hopes for Japanese stimulus
On Thursday, the Japanese yen headed south agasint its rivals, achieving its six-week minimum agaisnt the greenback during Asia trade, following hopes for stronger monetary policy steps will be made by Tokyo a bit later this month.
The evergreen buck was worth ¥106.94, compared with Wednesday’s outcome of ¥106.89 in New York. The US dollar briefly hit ¥107.49 during the mid-morning trade, the highest value since June 7, before stabilizing higher the ¥107-line midday.
The common currency found itself at ¥118.01 soaring from ¥117.76, while the sterling soared from ¥141.21.to ¥141.48.
On Thursday, media reports told the Japanese authorities are arranging to compile an economic stimulus worth approximately ¥20 trillion in order to get this Asian country out of more than a decade of deflation. The stimulus appears to be higher than the originally estimated ¥10 trillion worth package, because of inclusion of infrastructure-related outlays as well as the use of low-interest government loans.