AUD weakens as RBA keeps interest rate unchanged, JPY strengthens as Japan plans to ease border restrictions

The Reserve Bank of Australia has decided to keep its November interest rate unchanged at 0.1%. The decision was based on the evidence that the central bank has failed to defend its yield target. AUDUSD is trading at 0.7494 at press time, down 0.32%. Other central banks such as the Fed and Bank of England will also hand down their policy decisions on Wednesday and Thursday respectively.

Japan has decided to review its border controls in stages, according to the latest media reports. The quarantine time for business travelers will likely be cut down from 10 to 3 days. Moreover, the number of allowed entrants will also likely be raised from 3,500 to 5,000. COVID new cases in Tokyo have reached their lowest point in 2021 at 9 on Monday, down from more than 5,000 in August. JPY has slightly strengthened against USD, with USDJPY currently trading at 113.64, down about 0.3% during the session.