Friday saw the Japanese yen climb to its top level in two weeks against the shared currency of the European Union as speculation mounted about the Pacific Rim nation falling under scrutiny at the Group of 20 meetings in Moscow, Bloomberg reports.
The yen is on a four-day climb against the world’s reserve currency. But Japan is likely to be the focus of discussion during meetings in the Russian capital due to its aggressive stimulus program and as its leader prepares to name a new Bank of Japan governor and two deputy governors.
“The yen is being bought as the market remains cautious about statements from the G-20 about currency policies,” currency and money trading head Masato Yanagiya with Sumitomo Mitsui Banking Corporation in New York told the news source on Friday. “There may be some criticism about the pace of the yen’s depreciation.”
Bloomberg reports a draft statement it acquired earlier this week indicates G20 finance ministers intend to discuss agreeing to back off “competitive devaluation.”
Prime Minister Shinzo Abe’s preference about who will be the next BOJ governor is of growing interest in Japan as the leader also is obliged to name two deputy governors within the next two-plus months.
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