Wednesday saw the monetary unit of Japan drop to its lowest value against the U.S. dollar in seven months, Reuters reports.
Following Bank of Japan intervention last week to reduce the strength of the currency, the Japanese yen is inclined to remain around the same rate. The Bank of Japan's monetary easing last week marked the fourth time the central bank has stepped in since the beginning of last year, raising questions as to whether the yen's uptick and fortitude are no longer likely.
The value of the world's reserve currency pushed to its highest level since the middle of July as traders noted acquisitions of Japanese importers and offshore factors as well. Remarks from an official from the nation's finance ministry enhanced the monetary unit's weakness as market speculation contributed to the increase of the yen and the currency would respond accordingly.
The repeated asset purchasing implemented by the Bank of Japan has pulled down the value of the monetary unit once considered a safe haven. The embattled shared currency of the European Union gained to its highest value in 90 days against the yen.
Bloomberg reports the Japanese yen lost value to all of its 16 major rivals.
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