Yen embarks upon recovery
The yen has recovered slightly today while other currencies such as the euro have been pulled down on the back of fresh inflation data.
Over the past 24 hours, the European currency was seen to fall 0.2 per cent to 160.65 yen, also dropping 0.1 per cent against the dollar to settle at $1.3560.
The issuing of inflation details failed to impact greatly upon the yen as results were tame, Reuters reports. Japan's currency was also supported by the impending Golden Week holidays, while the Bank of Japan's monetary policy committee will not meet until Friday.
Speculation on whether the bank will move to raise interest rates is also failing to pressurise the currency, as most investors are expecting rates to be little changed.
Additionally, the release of consumer price figures and job statistics is unlikely to affect the market's opinion that the bank is in no hurry to raise rates, Reuters states.
Meanwhile, a Bloomberg survey of economists predicted that the Bank of Japan may forecast a 2.3 per cent expansion next year, up from 2.1 per cent this year.