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

Wednesday 27th December 2017

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)

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