Japanese Yen Rallies Sharply; BOJ Deputy Says Central Bank Could Do More

(CEP News) - The Japanese yen rebounded on Friday following comments from a Bank of Japan Deputy Governor suggesting that the central bank could tae additional actions to stimulate the economy.

In an interview with Bloomberg Bank of Japan Deputy Governor Yamaguchi said the central bank could expand purchases of corporate debt and could review its collateral requirements.

PBOC Governor Zhou Xiaochuan says some economic indicators turning around suggesting that the central bank and government’s forceful policies are beginning to take effect.

Meanwhile a top Chinese official was quoted as saying that over 20 million Chinese migrant workers have lost their jobs.

In terms of economic data, preliminary report suggests that Japanese exports totaledl ¥2.395 trillion in first 20 days of February compared to ¥4.473 trillion last year. Imports totalled ¥2.526 trillion versus ¥4.060 trillion previously.

At 7:27 a.m. EST,

The U.S. dollar was down 0.95 to 97.13 against the yen.

The Canadian dollar was down 0.385 points to 75.5700 against the yen.

The euro was up 0.05 points to 123.04 against the yen.

By Erik Kevin Franco, efranco@economicnews.ca

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Posted in Categories: Economy, Eurozone, Forex, Japan, Releases.