020 7898 0500- Friday saw the Japanese yen have a poor finish to the week, as it weakened further. A mix of civil turmoil in Hong Kong and disappointing service industry surveys in Australia and China were largely to blame. In what was a hectic week, Hong Kong Chief Executive Leung Chun-Ying stated that he will not be standing down but will consider the appointment of a second-in-command to represent the government when dealing with protesters as demonstrations continue to create chaos in the city. The announcement came just minutes before the deadline set by the protestors. Unrest in Hong Kong has created uncertainty across Asia, with the Japanese yen 0.5% down against the dollar on Friday, hitting six year lows.
The Bank of Japan also meets this week on Tuesday and the expectation is for no change in monetary policy as employment is growing and is a potential source of inflationary pressure.
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