The yen declined for the third day in a row against the dollar, the euro and the pound today as the Bank of Japan decided to buy the government debt and the stock markets rose during the Asian trading session.

The G20 meeting resulted in a pledge to a collective easing of the monetary policy and fiscal stimulating of the economies to recover from the ongoing crisis. The markets reacted to this decision with an expected growth, which is always negative for the Japanese yen and the U.S. dollar, as investors continued to seek the assets that would yield more than the near-zero dollar and yen.

According to the general expectations of the market participants the monetary easing will lead to the strengthening of the currencies of the leading emerging currencies in the near term, while the low-yielding U.S. dollar and Japanese yen will have to go down. On the other hand the dollar will probably also rise against the yen, providing the yen will become the short-term carry trade target again.

EUR/JPY rose from 126.02 to 126.81 as of 7:35 GMT today. GBP/JPY went up from 136.45 to 137.83 today. USD/JPY remains virtually unchanged, floating near the rate of 98.05.