YEN CORRECTION

After two months of rapid decreases, then yen has begun repairing itself as USD/JPY has started to wilt. By Wednesday the currency pair fell 0.3%. The yen is preparing itself for a 17-month high ahead of consumer price data this week. The Bank of Japan yesterday revised its inflation rate target to 2% from 1%, a move expected and in line with Prime Minister Abe's interests. But disappointment came alongside as the BoJ has committed itself to asset-buying only from 2014. Even with this surge, the yen has lost 12% in the past six months against the greenback. As such, the yen is said to be one of the worst performing developed market currencies. The Euro and the Aussie also fell against the yen, 0.31% and 0.53% respectively.

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