Yen tumbles to 4-year low against Dollar

The Yen fell to its lowest level in nearly four years against the Dollar today after the Bank of Japan held off on raising interest rates. The Japanese central bank’s policy board voted 6 to 3 for keeping interest rates at 0.25 per cent. On Monday, analysts were predicting a 25 basis point rate rise to 0.5 per cent, but those expectations reversed in the two days running up to the decision. Reports in the Japanese press suggested that the central bank would continue monitoring consumer prices and personal consumption before deciding whether or not to raise interest rates. There were suggestions that the Bank of Japan may have been swayed by political pressure from the Japanese government, which is terribly worried that a rate rise could harm the country’s economic recovery. As we move into the evening, the USD/JYP is trading at 121.20. XPRESSTRADE Analyst David Hilgeman