Bank of Japan shocks FX markets with equity intervention rescue plan
MARKET NEWS
There was a confused reaction in the FX markets last week, following the Bank of Japan’s (BoJ) announcement that it plans to buy share holdings from Japanese banks.
The plan, which was unveiled on Wednesday (September 18), is designed to shore-up banks’ balance sheets and help dispose of bad loans. The yen reacted by falling from 121.5 yen per dollar on Wednesday to 123.6 in European trading on Friday.
The move also hit Japanese bond markets, with Friday’s regular Japanese Government Bond (JGB)
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