USD/JPY Higher after BOJ

The Bank of Japan, as had been predicted in the latest poll, maintained interest rates at the current -0.1%. Governor Haruhiko Kuroda had said in the past that any modifications to the central bank's quantitative easing policy would depend largely on whether the Yen appreciates to a degree which would warrant additional easing measures. In the statement issued in conjunction with today's policy decision, the BOJ said they would maintain rates for an extended period of time, given global economic uncertainties and the increase of a consumption tax later in the year to better gauge the impact on Japan's inflation.

As reported at 11:46 am (JST), the USD/JPY was trading higher at 111.7560 Yen, a gain of 0.0896%, moving off the session peak of 111.902 Yen. The EUR/JPY was trading at 126.446 Yen, 0.1632%.

Pound Slides Despite Positive Vote Outcome

Despite the good news that the UK Parliament voted to allow the postponement of Britain's withdrawal from the European Union, the Pound continued to slide against the greenback in Asian trade. On Wednesday, the GBP/USD struck a 9-month peak when it hit $1.3380, but has lost 0.76% in Thursday trading. Against the Euro, the Pound continues to edge off of the 22-month high of 84.725 Pence which was hit on Wednesday. Currency analysts in Tokyo say that market sentiment has been in line with just such an outcome, thus there really was no surprise for GBP/USD traders. GBP/USD was trading at $1.3242, down 0.1229%; the pair has ranged from $1.3232 to $1.3266 in today's session. The EUR/GBP is trading at 0.8544 Pence, up 0.2158%, with the pair's daily range thus far at 0.85239 Pence at the low end to 0.85472 Pence at the high end.

Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.