The monetary unit of the Pacific Rim nation was driving toward its lowest value in roughly eight weeks against the world's reserve currency. The six-day streak would be the longest since March of last year as U.S. Treasurys rose to their highest value in about one month against those issued by Japan.
"The softer yen is the biggest factor today … This could be a turning point, but it's really too early to tell," portfolio manager and executive officer Yasuo Sakuma with Bayview Asset Management told Reuters. "If the won and the euro continue to get stronger I think sentiment might become a bit more 'risk on.'"
The past 90 days have seen the yen fall 4.8 percent in value against the U.S. dollar, distinguishing itself as the worst-performing monetary unit of 10 currencies from developing nations that are watched by Bloomberg.
The monetary unit of Japan was dropping toward its lowest value in about 30 days against the 17-nation monetary unit, according to Reuters.