The yen surged against the U.S. dollar on Thursday morning on a report that the country’s central bank is cooling to the idea of further stimulus to its current policy program.
The dollar was trading at 119.0 against the Japanese currency at around 8:30 a.m. GMT, after falling sharply by around 1 percent. The greenback had started the session at 120.45 against the yen.
Despite several years of quantitative easing (QE) in Japan – aimed at kickstarting an economy that has faced years of low inflation – the fresh comments from the Bank of Japan hinted at the possibility of a policy change.
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