The yen declined against the background of oil markets and growth stocks
The yen gave extracted edge on Wednesday, as oil prices and equity markets have increased, reducing demand for safe Japanese currency.
Earlier, the yen strengthened against the background of falling Asian stock markets and oil prices. In addition, China has established a lower median rate of mainland renminbi, which put pressure on the riskier emerging market currencies and currencies tied to economic growth, such as the Australian dollar. [CNY /]
Dollar added to MSCs 16.53 0.1 percent to 114.23 yen, recovering from a low of 113.37 yen made morning.
"We expect that the dollar will trade at 112-114 yen, as the market is cautious about his move to 110 yen, as this may provoke talk of intervention by Japanese authorities"- said Yujiro Goto of Nomura.
Oil prices rose as efforts to freeze production levels and a decline in global glut in the market shifted to Iran after a poor response to the agreement between Saudi Arabia and Russia on Tuesday. This helped European stock markets, although risk appetite remains fragile amid fears of slowing global growth. [O / R]
The following month, the main focus for the pair USD / JPY – the possibility of the Bank’s new monetary stimulus measures in Japan, said Tan Teck Len at UBS in Singapore.
If the dollar will fall asleep at current levels against the yen at the time of the meeting on March 14-15, the regulator, the central bank may take new stimulus measures, Tan said.
The euro was down 0.14 percent to $ 1.1124.
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