Yen Surges Most Since Brexit as Traders Reduce Stimulus Bets
- Investors grow more cautious on extent of BOJ easing
- Risk aversion also boosts yen versus major currencies
Yen Jumps Most Since Brexit: Will BOJ Surprise Markets?
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The yen surged the most since Britain voted to leave the European Union as traders scaled back expectations for further monetary and fiscal stimulus before Bank of Japan policy makers meet this week.
Japan’s currency rose against all 16 major counterparts after Finance Minister Taro Aso said the government has yet to decide on the size of a fiscal-stimulus package. The Nikkei newspaper reported that the plan would include 6 trillion yen ($58 billion) of new spending, though only about 2 trillion yen of that would be in a supplementary budget to be passed this year.