Friday saw the value of the monetary unit of Japan fall against the world's reserve currency in the aftermath of speculation that the Bank of Japan will enhance monetary stimulus, according to Bloomberg.
The Japanese yen also lost value after a U.S. report was forecast to demonstrate that February saw new home sales increase, drawing down the yen as a safe-haven investment. Views of the economy held by the central bank and the government are similar, according to Masaaki Shirakawa, governor of the Bank of Japan.
"The yen dropped gradually versus the dollar due to expectations of additional monetary easing," head of European hedge fund sales Neil Jones with Mizuho Corporate Bank in London told Bloomberg.
Friday's losses for the yen against the U.S. dollar totaled 0.2 percent, which tugs the weekly advance to about 0.9 percent. Though the yen achieved its first weekly gain in seven weeks, it lost value to the shared currency of the European Union.
Another factor gaining scrutiny and likely to impact the market is a Friday speech by Ben Bernanke, chairman of the U.S. Federal Reserve, according to Dow Jones Newswires.
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