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Friday 29th of August 2008
September 14, 2005

Yen continues strong after elections


by Brian Turner
Yen continues strong after elections

The yen was still being helped by the outcome of parliamentary elections last Sunday on the expectation that the continuation of Prime Minister Junichiro Koizumi’s government will promote more economic reform and allow the recovery to continue.

The yen was also aided by a statement from the deputy governor of the Bank of Japan that its very loose monetary policy is approaching its end.

Then yen was up 0.5 percent to ¥110.21 in relation to the US dollar and was also up 0.5 percent to ¥135.37 against the euro.

The New Zealand dollar gained 0.8 percent to $0.7078 in relation to the US dollar on a hike of 1.8 percent in retail sales in July, leading most analysts to expect that interest rates there will remain at 6.75 percent when the Reserve Bank meets on Thursday.

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