Yen regroups following finance minister commentary
Feb 08, 2013 06:30 AM
Friday saw the Japanese yen advance for a second consecutive trading session in the aftermath of commentary by the finance minister regarding the monetary unit, according to Bloomberg.
Gains for the yen were the highest in nearly two years after Finance Minister Taro Aso said the yen lost value too quickly. Prime Minister Shinzo, since before he was elected in December, has been encouraging monetary easing policies to boost the globe's third-largest economy.
"Central bank and government officials from around the world have given FX markets the gift of volatility this year," senior currency strategist Win Thin with Brown Brothers Harriman in New York told the news source on Friday. "Yesterday, it was ECB President Draghi's second press conference in a row that caught markets by surprise. Today, it was Japan Finance Minister Aso's turn, as he apparently told reporters that the recent pace of yen weakness has been too fast."
The yen 's gains on the final trade session of the week climbed as high as 1.6 percent, the top increase since one day in March 2011.
Abe is facing the responsibilities of naming three of the Bank of Japan's highest-ranking officials, which is to occur in March and April, according to Reuters.
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