Wednesday saw the Japanese yen mark its biggest two-day gain in seven-plus months as global economic and finance leaders raised their eyebrows about Japanese monetary easing efforts, Bloomberg reports.
The monetary unit of Japan achieved gains of at least 0.2 percent against each of its 16 major rival monetary units. The yen marked its biggest gain against the won. But its losses against the U.S. dollar during the past month have climbed to 5.3 percent.
"Japan is weakening the yen and other countries may follow," First Deputy Chairman Alexei Ulyukayev with Bank Rossii told a conference in Moscow on Wednesday, according to Bloomberg. He noted that the global economic system will be damaged by reciprocal de-valuations.
Wednesday's gain for the yen against the world's reserve currency was as high as 0.6 percent one day after climbing 0.8 percent. That is the largest two-day surge since late May 2012.
The yen also achieved sharp gains against the common currency of the European Union after remarks by Chairman Jean-Claude Juncker with the euro zone finance ministers, who noted the value of the euro was too high.
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