Yen Crosses Unfazed By Drop In the Dow
The Dow JonesIndustrial Average fell to the lowest level in 3 months but USDJPY was the only Yen pair to be affected.
Interestingly enough, it still held up fairly well while all of the other Japanese Yen crosses edged higher. The Bank of Japan released the minutes from their latest monetary policy meeting last night and according to the minutes, the Japanese are keeping a close eye on inflationary pressures and economic growth. It remains to be seen whether the Bank of Japan will raise interest rates before the end of the year. This evening, the all industry activity index is due for release and the number should shed more light on state of the economy.