October 12th 2007 (Friday) the Nikkei (Japan Economic Newspaper)

Yen has been sold to Euro and to Australia dollar in foreign exchange market. Because Japan Bank has decided to keep official rate same in Monetary Policy Meeting on 11th, markets expected interest rate not raise soon. And also some market people expect that low-rated yen will be sold to buy euro more.

After Japan Bank decided to keep official rate by 8 agree to 1 disagree in Monetary Policy Meeting, yen was fallen from 1 euro = 165 yen to166 yen in Tokyo market for a while on 11th. The decision was mostly expected, but some market people expected that board members would insist on raising rare, but finally they decided to keep it.
Ms. Tomoko Fujii as a Japan chief economist of Bank of America said “I heard Mr. Fukui’s speech, Governor of Japan Bank, after Monetary Policy Meeting. I felt he would not raise official rate soon.”