Wednesday saw the Japanese yen sink to its lowest value in 20 months against the world's reserve currency as the nation approved an intervention-friendly prime minister and the central bank released minutes from last month, according to Bloomberg.
Host of the globe's third-largest economic system, Japan kicked off the term of Shinzo Abe, who repeatedly noted his support for monetary easing to spur the economy. November Bank of Japan minutes demonstrate policy makers are supportive of monetary easing policies, MarketWatch reports.
"A dovish message came through loud and clear," states a Wednesday research note authored by foreign exchange strategists Gareth Berry and Geoffrey Yu with UBS AG regarding the minutes, according to Bloomberg. "It would appear that the sands are shifting not just in Japan's political arena, but amongst BOJ policy board members as well."
The currency of the Pacific Rim nation dropped to its lowest value against the common currency of the European Union since August of last year.
Some policy makers said during last month's policy meeting that the economy is prepared to bounce back some time next year, MarketWatch reports.
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