NZ dollar little changed vs yen after BOJ minutes show stimulus to remain

The New Zealand dollar was little changed against the yen after minutes of the Bank of Japan's last policy meeting showed a strong desire to maintain stimulus measures for the time being.

The kiwi traded at 79.54 yen as at 8:30am in Wellington from 79.50 yen late yesterday. The kiwi rose to 70.32 US cents from 70.20 cents yesterday. The trade-weighted index was at 73.83 from 73.79.

Most members of the Bank of Japan's policy board deemed it appropriate to keep monetary easing in place, according to the minutes of their October meeting, that were released yesterday.

The minutes show they didn't see the need for further stimulus. The kiwi edged up against the greenback but remains in the 69.52 US cents to 70.37 cents range it has traded in since mid-December.

Trading is likely to remain subdued as market participants take advantage of the shortened trading week between Christmas and New Year to take time off. "The market is going to be quiet for the balance of the week," Jason Leinward, chief executive at FirstLine FX Currency Strategy, told Reuters.

It traded at 90.97 Australian cents as at 8am in Wellington from 90.94 cents late yesterday and rose to 4.6003 yuan from 4.5897 yuan. It was at 59.26 euro cents from 59.14 cents and traded at 52.54 British pence from 52.51 pence.

(BusinessDesk)


2 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

2 Comments & Questions

Commenter icon key: Subscriber Verified

BOJ now owns something like 74% of the Nikkei's ETF funds, and huge other financial asset holdings; with the Swiss central bank they're the biggest two hedge funds in the world.

A central bank is not supposed to be a hedge fund. Apart from the massive distortions central banking is now guilty of, isn't there a major degree of moral hazard here. The BOJ can never, ever tighten, because then it will lose value as asset prices slide. Or does it just not sell any of it's holdings, rather keeps buying parcels of shares etc to keep prices up until the BOJ basically owns the entire Nikkei and most of the world's borses. Nothing now connects to actual economies, does it? And monetary policy doesn't reflect economies/business, but determines it.

This whole thing - central banked command economies - has become insane and out of control.

Reply
Share
  • 0
  • 0

Agree, what astonishing arrogance must these "uni-trained' economists have to believe they, and they alone, must, for the greater good, manipulate the value of the peoples currency.
What did Karl Marx say, "Control of the means of production and exchange ........."
We in NZ are on our way, led by Dr Brash.

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7386 0.0000 0.00%
AUD 0.9339 0.0000 0.00%
EUR 0.5955 0.0000 0.00%
GBP 0.5265 0.0000 0.00%
HKD 5.7785 0.0000 0.00%
JPY 78.3770 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1346.5 -6.690 2018-02-16T00:
Oil Brent 64.9 0.510 2018-02-16T00:
Oil Nymex 61.8 0.390 2018-02-16T00:
Silver Index 16.7 -0.090 2018-02-16T00:

Indices

Symbol Open High Last %
NASDAQ 7236.5 7303.3 7256.4 -0.23%
DJI 25165.9 25432.4 25200.4 0.08%