Dec. 1 (Bloomberg) -- The yen weakened against the dollar after the Bank of Japan announced an emergency policy meeting today, spurring speculation authorities will step in to halt the currencyâs gains. âNews of the special BOJ meeting today is sparking expectations of possible extra credit-easing measures,â said Takashi Kudo, director of foreign-exchange sales in Tokyo at NTT SmartTradeInc., a unit of Nippon Telegraph & Telephone Corp. âThis is likely causing the yen to be sold.â The Japanese currency declined to 87.10 per dollar as of 11:32 a.m. in Tokyo from 86.41 in New York yesterday. The yen declined to 130.72 per euro from 129.64. The euro was at $1.5009 from $1.5005. The central bank said it will hold an emergency meeting at 2 p.m. today in Tokyo. The bank will consider additional policy easing steps, Kyodo News reported, without saying where it got the information. http://www.bloomberg.com/apps/news?pid=20601087&sid=aC5X9yj5JwLQ&pos=1 Ready for some nasty currency markets action ?
Already at 87.46 and climbing. That dang news announcement came not 2 minutes after i shorted the yen too.
10 more minutes until the BOJ tells us they are going to screw with the currency. Im long USD/JPY now, but i will probably be wrong. If im right, then i will sell too early and JPY will go to 90 and i will sell at 87.75