Tuesday saw the monetary unit Canada drop in value against the Japanese yen as a consequence of policy makers with the Bank of Japan noting it will continue open-ended asset purchasing not as soon as anticipated, according to Bloomberg.
The central bank of the Pacific Rim nation, host of the globe’s third-largest economy, decided to continue with the practice in January of next year, prompting the Canadian currency to lose value against the majority of its rivals. Economic data noting Canadian retail sales slowed this past November also pulled down the Canadian dollar.
“Retail sales is another piece of positive data that will help cap Canadian weakness going forward,” foreign exchange trading vice president Michael O’Neill with Jitneytrade told Reuters, also warning: “You can’t read too much into Canada solo.”
After climbing 0.5 percent in October 2012, retail sales in Canada during November developed only 0.2 percent, Statistics Canada said.
The BOJ decision was underwhelming to some who believed the financial institution would act more quickly and more aggressively to spur its slumping economy, according to Reuters.
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