Yen ticks up in Asia as BoJ stands pat on policy

GMT 09:15 2014 Thursday ,04 September

Arab Today, arab today Yen ticks up in Asia as BoJ stands pat on policy

A bank clerk counts bank notes in Tokyo
Tokyo - AFP

The yen ticked up in Asia Thursday after the Bank of Japan refrained from expanding its monetary easing programme, despite a slate of poor data for the world's number three economy.
In afternoon Tokyo trade, the greenback slipped to 104.85 yen, down from 104.91 yen earlier in the day, but still up from 104.78 yen in New York.
The euro bought 137.84 yen, down from 137.92 yen in the morning but a touch higher than 137.81 yen in New York.
The single currency also changed hands at $1.3146, against $1.3152 in US trade.
Japan's central bank stuck by its view that the economy was recovering, despite a contraction in the second quarter that underlined the damage inflicted by an April sales tax hike.
Policymakers held fire on expanding the BoJ's vast stimulus programme following a two-day policy meeting, although they flagged housing and industrial production as weak spots, along with shaky demand for Japanese exports.
Investors will now turn their focus to a regular post-meeting briefing from BoJ governor Haruhiko Kuroda at 0630 GMT to see if he hints at future moves to counter the downturn.
Despite the dollar's lack of steam, it was "just a matter of time" before it rises again, said Yunosuke Ikeda, Nomura Securities chief FX strategist. The greenback this week broke through the 105 yen barrier for the first time since January.
Eyes will later be on the European Central Bank's policy meeting later Thursday, with analysts mixed over whether it will launch further measures to counter the growing threat of deflation in the eurozone.
The dollar was lower against other Asia-Pacific currencies.
It declined to Sg$1.2518 from Sg$1.2545 on Wednesday, to 32.03 Thai baht from 32.08 baht and to 11,766.30 Indonesian rupiah from 11,800.90 rupiah.
It fell to 1,018.75 South Korean won from 1,020.59 won, to 43.57 Philippine pesos from 43.68 pesos, to Tw$29.90 from Tw$29.92 and to 60.42 Indian rupees from 60.58 rupees.
The Australian dollar gained to 93.38 US cents from 92.86 cents while the Chinese yuan rose to 17.09 yen from 17.05 yen.
-- Dow Jones Newswires contributed to this report --


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