What’s next for the Japanese yen?

Market Pulse for April 9

The June 2013 Japanese yen was having a nice ride up, which started on March 21 with the bounce up off of 1.04100. By April 3, the yen hit a high of 1.07920 closing at 1.07730. The very next day, April 4, the Bank of Japan (BOJ) announced the doubling of stimulus, sending the yen crashing down 367 points to close at 1.04060. On April 5 we saw the yen drop another 164 points and on April 8 another 156 points. All total for a three-day move down of 687 points or $8,587.50.

Today many are saying the yen dropped down too fast, but what exactly was the response the BOJ was looking for? And how many of you recall a month or so ago the Group of Seven came together saying countries need to stop using monetary policy to manipulate their currency, huh? Even the G20 got involved specifically mentioning the yen’s large drop down from the fall of 2012.

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