|10-31-2014, 11:55 AM||#1|
Yen at its lowest in seven years following BoJ decision
The Japanese yen slipped more that 1.8% on Friday after Bank of Japan (BoJ) sudden decision to expand stimulus plans that support the economy.
The yen traded around its lowest from seven years, after BoJ announced lifting the monetary base target to an annual increase of 80 trillion yen from 60-70 trillion.
The BoJ’s decision aims at increasing the chances of approaching the inflation target.
The Japanese government panel approved the Government Pension Investment Fund plans on Friday to raise its holding of foreign stocks to 25% of its portfolio from 12%.
Bank of Japan surprised financial markets with its decision, thereby confirming its commitment to reach the desired inflation level at 2%.
The yen remains bearish against the US dollar for the coming period influenced by the BoJ decision.
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