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Yen Flat After The Bank Of Japan Holds Policy Steady As Expected

1/23/2018, 2:38:59 PMTrading Strategies
Yen Flat After The Bank Of Japan Holds Policy Steady As Expected

The yen was flat after the central bank held policy steady and said its asset purchase program remains unchanged.

USD/JPY changed hands at 110.91, flat, while AUD/USD traded at 0.7993, down 0.29%.

The Bank of Japan held monetary policy stable, reaffirming its Y80 trillion in annual asset purchases and its yield curve strategy.

Investors noted a market operation earlier this year that was seen as a potential signal of a slower pace of asset purchases, but the central bank commented that was not the case. Governor Haruhiko Kuroda will hold a press confernece later in the day to elaborate on the central bank's views.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted flat at 90.15.

Overnight, the dollar recovered some of its losses against a basket of major currencies amid reports suggesting that the government secured enough support in the Senate to end the government shutdown.

Other currencies, however, remained firm against the greenback, curbing its rebound from lows as sterling continued its trend higher.

The euro eased from highs ahead of the European Central Bank meeting Thursday. Investor expectations for shift in the central bank's forward guidance to a more hawkish stance has eased in recent weeks.

Action Economics said it doesn’t expect major changes to the guidance as ECB president Mario Draghi is unlikely to commit to an end date for quantitative easing