Why the Yen Depreciated against the Dollar
The Japanese yen (FXY) closed the week at 110.67—compared to the US dollar (UUP) for the week ending June 15. A hawkish FOMC statement and the Bank of Japan’s uneventful policy meeting caused the yen to depreciate. The Bank of Japan chose to leave its ultra-loose monetary policy unchanged and presented a gloomy view of the economy at its May monetary policy meeting, which led to more losses for the Japanese currency.