Yen Strengthens Against Majors

Yen Strengthens Against Majors


The Japanese yen strengthened across the board on Wednesday morning in Asia ahead of the Bank of Japan's monetary policy announcement, which is due out later in the session.
Speculation is rife that the policy board of the Bank of Japan will announce a fresh round of stimulus measures tomorrow to revive the economy as the Eurozone debt crisis showed no signs of abating.
The yen advanced to 127.65 against the pound and 78.60 against the US dollar, up from yesterday's closing values of 128.04 and 78.81, respectively.
The yen also rose as high as 84.65 against the Swiss franc and 102.49 against the euro, up from Tuesday's New York session closing quotes of 84.90 and 102.83, respectively.
The yen edged higher against the resource-linked currencies too, hitting as much as 81.94 against the Australian dollar, 64.96 against the New Zealand dollar and 80.59 against the Canadian dollar.