Yen Approaches Seven-Year Low Before Kuroda Speaks Amid Stimulus

The yen approached a seven-year low versus the dollar before Bank of Japan Governor Haruhiko Kuroda speaks today, as policy diverges from the Federal Reserve.

The euro maintained gains from yesterday versus its major peers after European Central Bank Governing Council member Jens Weidmann said expanding bond purchases to government debt would face œlegal hurdles. New Zealand™s dollar held its first decline in three days before a quarterly Reserve Bank survey of inflation expectations. The BOJ today releases minutes of its Oct. 31 meeting, when it surprised markets by expanding stimulus two days after the Fed ended its bond-buying program.

The yen slipped 0.1 percent to 118.43 per dollar at 8:47 a.m. in Tokyo from yesterday, when it fell 0.4 percent. It reached 118.98 on Nov. 20, the weakest since August 2007. The yen was little changed at 147.26 per euro, after yesterday™s 0.8 percent slide. The euro traded at $1.2434 from $1.2442.

The BOJ last month lifted the annual target for enlarging the monetary base to 80 trillion yen ($675 billion), from 60 trillion yen to 70 trillion yen. The policy board voted to retain the plan at the end of a two-day meeting on Nov. 19. Kuroda is scheduled to speak at 10 a.m. in Nagoya today.

The Fed is moving to raise interest rates for the first time since 2006 after curtailing its quantitative-easing program. Futures traders predict there™s a 50 percent chance rates will rise in September for the first time since 2006.

The New Zealand dollar was little changed at 78.60 U.S. cents, after weakening 0.3 percent yesterday.

Source : Bloomberg

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