Yen pairs opened the Asian session to decent demand, dollar-yen able to resume its recovery seen through Wednesday trade, that had seen it move up from Y91.14 to Y92.44 before drifting off to Y92.14 into the close, the rate touching an extended high of Y92.67 into the Tokyo fix. Euro-yen had seen a similar recovery Wednesday, moving up from Y119.22 to Y121.46, closing NY around Y121.20, before it too resumed its upside correction into the Tokyo fix, touching a high of Y121.83. Selling emerged post fix, month end related, to press rates lower, dollar-yen to Y92.18, euro-yen to Y121.12 before they both recovered ahead of Europe to Y92.40/Y121.50. The Japanese government have nominated ADB Kuroda to be the next BOJ Governor, this announcement had been expected and caused little to no reaction. Iwata and Nakaso have also been nominated as deputy governors. The only hurdle for these nominees will be in the Japanese upper house where the government does not hold a majority.
EasyForexNews Research Team