The Japanese yen has risen 4.3 per cent against the US dollar this week following the Bank of Japan’s (BoJ) decision not to provide further stimulus.
The yen rallied 3 per cent in one day on April 28 and has continued to appreciate since, to Y107.13 per dollar today (April 29).
Many had expected BoJ governor Haruhiko Kuroda to announce another round of monetary easing this week.
The Japanese market is closed for a national holiday, prompting investors to pile into the yen.
Joshua Mahony, market analyst at IG Group, said: “It is unsurprising that most central banks remain within a ‘wait and see’ mode given the relatively recent fears of a crude fuelled stock market crash.”
Japan’s benchmark index, the Nikkei 225, ended the week at 16,666.05.
