Yen notches top gains in nearly two years

Posted On: February 08, 2013

The monetary unit of Japan achieved its top climb in nearly 24 months on foreign exchange markets on Friday after the country's finance minister said the currency has lost value too quickly as of late, according to Reuters.

The Japanese yen advanced against the U.S. dollar for a second consecutive day as it pushed toward its first weekly gains in three months against the shared currency of the European Union.

"The market is very attuned to the idea that the government wants a weaker yen," currency strategist Brian Daingerfield with the Royal Bank of Scotland Group in Connecticut told the news source on Friday. "If there's a sign the attitude is changing, particularly about the pace of weakening, that gives the market a little bit of pause."

Gains for the yen on Friday against the world's reserve currency were as high as 1.6 percent, marking the top climb since the middle of March 2011.

Reuters reports that high-level members of the administration of Prime Minister Shinzo Abe, who has made very clear his support for monetary easing policies, are increasingly doubting the policies as the leader is set to name three of the top Bank of Japan officials in March and April.

Category: Industry News


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