Posted On: February 11, 2013
The monetary unit of Japan dropped on Monday against the U.S. dollar after leaders of the Pacific Rim nation underscored their intentions to adhere to economy-spurring measures, according to Bloomberg.
The Japanese yen fell against each of its 16 rivals on foreign exchange markets after the minister of the economy told a Japanese publication that the leadership will resume with efforts to increase stocks. That minister, Akira Amari, also is said to be a prospect to lead the central bank of Japan.
"The yen's weakening trend remains extremely solid," head of European foreign-exchange strategy Ian Stannard with Morgan Stanley in London told the news source on Monday. He said the minister's remarks are "reinforcing the market's perception that Japan is very determined to put the policy in place to bring the economy out of deflation."
Monday's losses mark the monetary unit's third-consecutive trading session of dips as Shinzo Abe, prime minister of Japan, has emphasized his strong preference for stimulus even prior to being elected in mid December.
Reuters reports the Bank of Japan is likely to keep monetary policy intact in anticipation of the Group of 20 meeting scheduled for this weekend.
Category: Industry News
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