The Japanese yen fell in value on Tuesday against the common currency of the European Union for a sixth-straight trading session, according to Bloomberg.
The Bank of Japan is set to convene two days of meetings beginning on Wednesday and the aspirations of newly elected Prime Minister Shinzo Abe are likely to immediately shape the body. Elected this past Sunday after repeatedly noting a desire to implement mass amounts of monetary easing, Abe will have the opportunity to install three key figures with the central bank early next year.
"Abe hopes the Bank of Japan will consider the election result when they meet this week," currency strategist Gavin Friend with the National Australia Bank in London told Bloomberg on Tuesday. "The yen will trade between 84.50 and 85.50 at the end of the year … Everything we have seen since the election supports that view."
The yen also lost value against the U.S. dollar on Tuesday, pushing toward its 20-month trough against the world's reserve currency.
Abe may tap a new Bank of Japan governor in April and two new deputies in March, according to Reuters.
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