Peso slightly down on Bank of Japan's disappointing stimulus measures

The Philippine peso ended the week on a soft note due to Bank of Japan's (BOJ) disappointing stimulus measures.

The local currency shed 4 centavos to close at P47.110:$1 from 47.070 on Thursday.

"The peso depreciated slightly today due to less-than-expected stimulus measures of the Bank of Japan. The decline in oil prices, in part, contributed to the peso's slight weakness by increasing safe-haven demand," Guian Angelo Dumalagan, market economist at the Land Bank of the Philippines, said in an emailed commentary.

The BOJ expanded stimulus by doubling purchases of exchange-traded funds (ETF), yielding to pressure from the government and financial markets for bolder action but disappointing investors who had set their hearts on more audacious measures, a report by Reuters said.

Week-on-week, the peso decreased by 1 centavo from P47.120:$1 on July 22. Year-to-date, it shed 5 centavos from P47.060 on December 29, the last trading day of 2015. —KBK, GMA News