TOKYO – The Bank of Japan's (BoJ) deputy governor said on Wednesday that officials would stick to their ultra-loose monetary policies given market volatility, sparking a big drop in the yen, while stocks rose.
TOKYO – The Bank of Japan's deputy governor said on Wednesday that officials would stick to their ultra-loose monetary policies given market volatility, sparking a big drop in the yen, while stocks rose.Equities saw wild swings through the morning, with the benchmark Nikkei index finishing the session more than 2 percent higher, having been as much in the red after the open.
Uchida said that in recent days, 'the yen has appreciated significantly against the US dollar, since large positions that had been built up on a weaker yen are being unwound.''Moreover, partly due to the correction of the yen's depreciation, stock prices in Japan have declined to a greater extent than other economies,' he added.After his speech, $1 bought 146.69 yen, compared with 144.68 in New York.The Nikkei finished the morning 2.28 percent, or 789.
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