In a research note, the analysts said that while the yen could rise “to some degree in the short run” it would be difficult for the BOJ to fundamentally change its accommodative stance as long as there was no shift in what it considers as the key determinants of inflation.
The yen swung from between a daily loss of 1.2% and a daily gain of 1% against the dollar in the wake of the BOJ’s announcement. It was last unchanged on the day at 139.35.
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