The Japanese yen dove to its lowest value in roughly four months against the U.S. dollar as expectations grew about the central bank of Japan implementing another round of monetary easing next week, according to Bloomberg.
The monetary unit of the globe's third-largest economy fell against all 16 of its counterpart currencies after a Japanese publication reported officials with the central bank of Japan are considering enhancing asset purchases.
"Given the escalation of anti-yen bets ahead of next week's meeting, the yen would be well placed to rally if policymakers don't take the aggressive action that investors have currently priced in," senior market analyst Joe Manimbo with Western Union Business Solutions in Washington, D.C. told Bloomberg.
The Japanese yen dove to its lowest value since June 25 against the world's reserve currency but was hardly changed against the common currency of the European Union.
Traders and investors were unloading the yen on Thursday in anticipation of the Bank of Japan moving forward with additional intervention when it convenes on Tuesday of next week, according to Reuters.
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