A dovish Bank of Japan has sent the dollar soaring against the yen.
The dollar roared higher across major rivals on Thursday, notably against the yen, which slumped to a level not seen in two decades as the Bank of Japan vowed to continue a dovish stance and pledged unlimited bond buying.The ICE Dollar Index... The dollar roared higher across major rivals on Thursday, notably against the yen, which slumped to a level not seen in two decades as the Bank of Japan vowed to continue a dovish stance and pledged unlimited bond buying.
“So a big difference in stance to the other major central banks like the Fed and the ECB which have been progressively moving in a hawkish direction over recent months, and this saw the Japanese yen weaken further…” Reid said. The dollar could cool later, though, with the release of U.S. growth data, due ahead of the market open. Economists polled by Dow Jones Newswires and The Wall Street Journal are expecting growth to slow markedly, from 6.9% in the fourth quarter, to 1% in the first quarter.
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