Japanese Yen appreciated by 0.87 percent in yesterday’s trading session as demand for safe haven increased after US president Donald Trump executive orders on immigration and led fresh sanction on Iran. Investors fear that the disappointing data’s may prompt US Federal Reserve to be less aggressive this year in raising rates.
Japan Finance Minister Taro Aso said Bank of Japan’s monetary policy was aimed at domestic objectives of defeating deflation not weakening the Yen. Traders are worried that such steps would create issues with trading partners.
Trump and trade adviser Peter Navarro on criticized Germany, Japan and China, saying the three key U.S. trading partners were engaged in devaluing their currencies to U.S. disadvantage. Further, Bank of Japan kept its monetary policy unchanged and upgraded its growth forecasts. In intraday Yen touched a high of 111.60 and closed at 111.71 against Dollar.
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