The Japanese yen rose amid statements by the governor of the Bank of Japan Kazuo Ueda that indicated a possible change in monetary policy.
The sharp gains of the yen led the dollar index lower on Monday, as the US dollar fell against the Japanese yen by 1.2% at 146.06, as the head of the Bank of Japan Kazuo Ueda signaled a possible shift away from negative interest rates.
This ultra-loose monetary policy has significantly contributed to the yen’s decline to 10-month lows against the dollar due to growing interest rate differentials.
Ueda told a local newspaper that the Bank of Japan may have enough data by the end of the year to determine whether interest rates should remain negative, adding that the bank’s 2% inflation target is on the horizon, allowing policymakers to start considering tightening policy.
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