Monday saw the Japanese yen sink against the U.S. dollar and the common currency of the European Union as Prime Minister Shinzo Abe prepared to name an incoming leader of the Bank of Japan, Bloomberg reports.
Abe said he is set to tap a successor for the central bank who will continue the loose monetary policy he has long spokenof, even as he campaigned to be prime minister. The monetary unit of the Pacific Rim nation dropped to its lowest against the U.S. dollar since June 2010 and the euro since May 2011.
“It just seems that the government has the yen back in its hands and really has built up a lot of credibility,” senior currency strategist Sacha Tihanyi with Scotiabank in Hong-Kong told Bloomberg on Monday.
Governor Masaaki Shirakawa will step down in April, one month after two of his deputies leave office.
Japan, host of the globe’s third-largest economy, is pushing toward spurring exports as an economic driver, according to CNN.The Pacific Rim nation trails China as the world’s second largest and the U.S. as the globe’s largest economy.
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