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The yen remained robust following bullish momentum by BOJ

08 Dec,2023
The yen remained robust following bullish momentum by BOJ

Following its biggest leap in nearly a year the day before, the yen was poised for its fourth weekly gain versus the dollar on Friday, helped by speculators' renewed confidence that Japan's ultra-low rates policy would be coming to an end.

The greenback which was also under pressure ahead of the highly anticipated U.S. nonfarm payrolls report that was scheduled for release later on Friday, was restrained by the yen's widespread strength.

Governor of the BOJ Kazuo Ueda stated on Thursday that the central bank has a number of choices for the interest rates it will aim after short-term borrowing costs exit negative territory.

The yen surged to multi-month highs versus a variety of other currencies as a result of the market's interpretation of those remarks as the strongest indication yet that the BOJ may soon begin to wind down its extremely loose monetary policy.

EUR/USD slumped by 0.2% to $1.07735

GBP/USD dipped 0.3% to $1.25605 poised for a 1% weekly drop.

USD/JPY strengthened at 144.23, post previously soaring over 1%.

 

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