Yen Falls to Six Year Low Versus Dollar as BOJ Minutes Show Unabated QE
September 9th, 2014, Guest post by Jay Hawk at Orbex
The Japanese Yen declined sharply to hit a nearly six year low point against the strong Greenback today. USD/JPY traded at the 106.33 level this morning, which it had not seen since October of 2008. Technical analysts also noted an upside break of a triangular consolidation pattern was giving the USD/JPY market some upside momentum.
One of the key fundamental factors cited in pushing the Yen lower was the BOJ Monetary Policy meeting minutes from the August 7th and 8th meeting, which indicated no change in the BOJ’s expansion of the Japanese money base through its quantitative easing program.