Forex News: Yen May Find Little Support as Stimulus Efforts Weigh

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THE TAKEAWAY: Japanese monetary base increased by 10.8 percent in October > Heavy BoJ monetary easing may exert downward pressure on the yen > USDJPY traded slightly higher

The U.S. dollar traded slightly higher versus the Japanese yen as the monetary base – the amount of money in circulation plus deposits at the BoJ – increased by 10.8 percent in October highlighting the central bank’s efforts to stimulate the Japanese economy while attempting to reach a one percent inflation target. During the monetary policy meeting on October 30, the Bank of Japan decided to increase its stimulus efforts by introducing an additional 11 trillion yen in asset purchases effectively increasing the bank’s balance sheet and pumping more money into the financial system with currency devaluation as one of the primary objectives.

The BoJ Minutes of the Monetary Policy Meeting on October 4 and 5 were released today mentioning policy official’s concerns the economy was “leveling off” and exports and industrial production had been “relatively weak”. One member noted it might be necessary to “exert influence on foreign exchange rates” when trying to find alternative ways to boost inflation.

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