Futures Market News
Yen gains but still drives toward weekly losses against greenback
Oct 26, 2012 10:24 AM
The monetary unit of Japan was poised to mark a second consecutive week of losses against the world's reserve currency on Friday as investors and traders expect policy makers with the Bank of Japan to institute additional monetary easing when the institution convenes early next week, according to Reuters.
"Looking at the very short term, we see yen weakness because it is about what the BOJ is going to do, but after that, it's about what will the government do, and about macroeconomic factors - in the medium term, these factors are going to matter more, and the trend is not so clear," foreign exchange head Kimihiko Tomita with State Street Global Markets in Tokyo told the news source.
The Bank of Japan is poised to expand its program of purchasing debt so long as it takes to accomplish a 1-percent inflation target, reuters reports.
Friday also saw underwhelming corporate earnings from Japanese companies, which pulled down Japanese stocks, according to Bloomberg.
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