NEW YORK (Forex News Now) – The dollar has been falling steadily against the yen in currency market trading this week, after opening the week at 83.97.
USD/JPY traded at 82.94 at around 9:50 A.M., GMT on Thursday, after a sixth consecutive day of losses saw it hit a low of 82.85 earlier on.
The currency pair was being traded against the backdrop of the Bank of Japan’s monthly report and its decision on the interest rate, both of which indicated that Japan has not fully emerged from its economic problems.
The Bank of Japan said in its report that the nation’s economic recovery “seems to be pausing,” although it added that there are some signs of a “moderate recovery.”
That report followed the decision on Tuesday to leave the overnight call rate unchanged at between 0.0-0.1%. Analysts had expected that decision, as the yen had already shown signs it was strengthening against the dollar and several indicators had shown that Japan’s economic recovery was gaining ground.