The monetary unit of the Pacific Rim nation fell at least 0.4 percent against each of its 16 major counterparts and saw its first losses against the world’s reserve currency in four days. Gains to the Japanese yen against the greenback earlier this week amounted to roughly 1.7 percent. The Purchasing Managers’ Index conducted by HSBC Holdings and Markit Economics showed in increase to 51.9 this month after having checked in at 51.5 in December.
The Wall Street Journal reports the top currency diplomat in Japan defended the nation’s aggressive monetary policies that have been implemented since a new prime minister was elected last month.
“Let me reiterate that the recent depreciation of the yen should be regarded as a correction from the one-sided and excessive appreciation that took place up to last year,” Vice Finance Minister Takehiko Nakao told The Wall Street Journal during an interview.
Prime Minister Shinzo Abe is tasked with naming three of the Bank of Japan’s highest administrators, two deputy governors in March and a new governor in April.
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