Dollar Up, Yen Down as BOJ Continues Dovish Stance By

© Reuters.

By Gina Lee – The dollar was up on Monday morning in Asia. The Japanese yen continued a downward trend after the Bank of Japan (BOJ) stepped into the market to defend its implicit yield cap. climbed to nearly its highest level in the year to date.

The that tracks the greenback against a basket of other currencies was up 0.35% to 99.170 by 12:11 AM ET (4:11 AM GMT).

The pair rose 0.83% to 123.07.

The pair was up 0.21% to 0.7528, while the pair was down 0.29% to 0.6950.

The pair edged up 0.13% to 0.6748, while the pair was down 0.26% to 1.3154.

The yen fell to as low as 122.78 per dollar, the weakest since December 2015, giving up Friday’s small gains when the BOJ did not step in to defend its target. However, the BOJ offered to buy unlimited amounts of 10-year Japanese government bonds (JGBs) at 0.25% on Monday morning, after the 10-year JGB yield climbed up to a six-year high of 0.245%.

“While a risk of…

Read more…