Yen Ticks Up After BoJ Chief Leaves Markets Guessing

TOKYO, (UrduPoint / Pakistan Point News -5th Sep,2016) - The Yen picked up on Monday as Japan's central bank chief left markets guessing about whether policymakers would launch fresh easing measures this month.

Traders were keen to see if Haruhiko Kuroda -- speaking at a Tokyo business seminar -- would drop any hints about the BoJ's policy plans. Japan's top central banker repeated a pledge to unleash fresh measures if necessary and waved off talk of scaling back on the BoJ's massive easing measures.

He also acknowledged the downside of the bank's negative rate policy, a plan designed to spur lending but which has hurt commercial banks' profits. But Kuroda gave few concrete hints about the BoJ's plans to counter a slowing economy.

In Tokyo afternoon trade, the Dollar slipped to 103.44 yen from 103.99 yen in New York, while the euro edged down to 115.58 yen from 116.02 yen in US trade Friday. The BoJ holds its next policy meeting from September 20.

"While Kuroda denied any speculation about tapering, he spurred some disappointment for those looking for clear clues on policy action this month," Yousuke Hosokawa, head of foreign-exchange sales at Sumitomo Mitsui Trust Bank, told Bloomberg news.

"With markets losing direction after the US jobs data fell short of adding fuel to US rate hike expectations this month, Kuroda's comments were neither supportive for aggressive selling nor for buying of the dollar," he said.