JPY started the Asian morning at Y98.51 after getting a lift to a Y98.68 high overnight in the wake of the FOMC statement. Dollar-yen then proceeded in a narrow Y98.40 to Y98.55 range through the early part of the morning as the market consolidated and digested the implications of the FOMC’s announcement. Dollar-yen slipped further as Japanese stocks opened lower and the dollar then ran into broader selling interest thereafter, with the pair eventually marking a Y98.35 morning low. Euro-yen meanwhile started the day at Y135.32 and spent most of the morning heading lower, initially trading Y135.10 before sliding below Y135.00 for a an early afternoon low of Y134.86. Yen pairswitnessed a mild recovery around mid-morning but then turned back down after the Bank of Japan announced no major changes to its monetary policy stance after its one-day meeting. With attention now on the BOJ’s Outlook report and governor Kuroda’s news conference, dollar-yen held near the bottom of the session’s range so far, at Y98.41 last, while euro-yen also remained near the day’s low at Y134.91.
