BOJ measures continue to weaken yen
- Last Updated on 20 February 2012
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Last week's announcement that the BOJ will increase its asset buying plan by $130 billion continued to weaken the Japanese yen during Friday's trading session. Against the dollar, the yen closed out the week at 79.55, its highest level since last October. Losses were also taken against the euro on Friday, as optimism regarding the prospects of a Greek bailout deal resulted in investors moving away from safe-haven currencies like the yen.
Turning to today, traders will want to keep an eye the euro-zone finance ministers meeting as it will likely determine risk appetite in the marketplace. Positive news with regards to the Greek bailout could result in investors sticking with riskier currencies, which may end up bringing the yen lower. At the same time, any further complications with the Greek situation could lead to the JPY reversing its current trend against the euro.