The yen held near a three-week low on Tuesday as pared expectations for aggressi...
TOKYO - The yen held near a three-week low on Tuesday as pared expectations for aggressive Federal Reserve cuts supported the dollar and ahead of a Bank of Japan meeting, which is seen as a key test for policymakers amid a global monetary easing cycle.The BOJ is expected to keep monetary policy on hold at a meeting ending later on Tuesday, but some investors say there is a chance Japan’s central bank could change its forward guidance to reassure traders that rates will remain low.
The pound hit a new 28-month low early in Asia trade as investors grew increasingly nervous about the prospects of a no-deal Brexit under new British Prime Minister Boris Johnson. “The BOJ may not have much influence on the currency market because of their limited policy options,” said Junichi Ishikawa, senior foreign exchange strategist at IG Securities in Tokyo.
Some investors, however, see a possibility the BOJ may tweak its forward guidance and commit to keeping rates ultra-low over a longer-term horizon.
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