The Japanese yen strengthened against the greenback on Tuesday, after the Bank of Japan left its short-term interest rate target at -0.1% and kept its pledge to guide 10-year government bond yields around 0%. At the same time, policymakers decided to revise higher their growth projection for the 2019 fiscal year beginning in April to 0.9% from an estimate of 0.7% made in October, on the back of a boost from the government's fiscal stimulus. At around 04:20 AM GMT, the yen gained 0.22% to 109.94 a dollar.
. Historically, the Japanese Yen reached an all time high of 358.44 in January of 1971.
The Japanese Yen is expected to trade at 108.51 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 109.91 in 12 months time.