Yen halts losses against greenback

Posted On: February 04, 2013

The monetary unit of the globe's third-largest economy pushed higher against most of its counterpart currencies on Monday amid market sentiment noting recent losses were overdone, according to Bloomberg.

The Japanese yen climbed during the first trading session after marking 12 consecutive weeks of losses against the U.S. dollar. Losses to the monetary unit of the Pacific Rim nation's monetary unit were linked with aggressive monetary easing policies by the Bank of Japan per the direction of Prime Minister Shinzo Abe.

The yen "can't keep weakening at the same speed, so it's natural to see a correction," senior foreign-exchange and fixed-income strategist Daisaku Ueno with Mitsubishi UFJ Morgan Stanley Securities in Tokyo told the news source on Monday. "The yen weakness story remains on expectations that the BOJ will keep its accommodative stance for a long time."

The yen was climbing back from its lowest level against the euro and the U.S. dollar since April and May 2010, respectively.

Reuters reports investors were increasingly selling the Japanese yen on foreign exchange markets on Monday as conjecture swirled about the Bank of Japan preparing to continue implementing additional easing policies.

Category: Industry News

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