Futures Market News
Yen hurtles toward a sixth consecutive week of losses against the greenback
Mar 16, 2012 09:49 AM
Reuters reports the Nikkei, after closing at its top level in eight months on Thursday, was steadying on Friday.
"We need to take a breather here," a dealer at a foreign bank told Reuters. "Going into the end of the fiscal year, the index wants to kind of move up a bit but it feels like there is a need for domestic supply to come out. It's a little bit quiet ahead of the holiday on Tuesday."
The yen was driving toward its sixth consecutive weekly loss against the world's reserve currency, which would mark the longest losing streak in three years, Bloomberg reports.
Signs of growing development in the U.S., host of the globe's largest economic system, and indications about further measures of stimulus by the Bank of Japan pulled down the value of the Japanese yen against all 16 of its rival currencies as demand for the yen fell.
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