The Japanese yen is on fire as of Thursday, April 7 10:43 a.m.
The yen is stronger by 1.7% at 107.97 against the dollar.
Earlier in the day, it reached as high as 107.92 per dollar – the strongest since October 19, 2014.
The yen’s surge follows comments from the Bank of Japan’s governor, Haruhiko Kuroda, who suggested the central bank could ease policy even further if needed.
The yen is now up nearly 10% versus the dollar in 2016.
Here’s are the other big FX moves of the day:
- The Chinese yuan ended up 0.2% at 6.4681 per dollar after the country announced that its foreign-exchange reserves increased by $10 billion in March to $3.2312 trillion. The 0.3% uptick in reserves was the first increase in four months and is a welcome sign for China, which bled through $800 billion of foreign cash after its reserves peaked at about $4 trillion in mid-2014.The South African rand is weaker by 0.9% at 15.2289 against the dollar despite manufacturing output rising by 1.3% month over month, above forecasts of -0.1%. Additionally, manufacturing climbed 1.9% year-over-year in February, the sector’s strongest reading since July 2015. “Today’s strong output figure is a rare sign of life from South Africa’s moribund manufacturing sector,” wrote Capital Economics’ John Ashbourne. “Even so, we expect that the sector will struggle to sustain much growth this year.”The dollar index is little changed ahead of a relatively light data day featuring initial jobless claims and consumer credit. First up will be claims at 8:30 a.m. ET. The euro is down 0.3% at 1.1365 after Turkish President Recep Tayyip Erdogan warned the EU that Ankara would not implement a key deal on reducing the flow of migrants if Brussels failed to fulfill its side of the bargain.The British pound is down 0.2% at 1.4095. On Wednesday, Jamie Dimon was the latest finance exec to warn that Brexit – or Britain leaving the EU – could have “large and potentially unknown” consequences.