The monetary unit of Japan lost value on Tuesday as the Pacific Rim nation's central bank prepares for the first day of an easing-friendly governor on Wednesday, Bloomberg reports.
The Japanese yen slipped against the majority of its top rivals as the new guard at the Bank of Japan prepares to convene a policy meeting next month.
Next in line as central bank president is Haruhiko Kuroda who has said his plan of action is to address deflation by any means.
Governor Masaaki Shirakawa is set to leave office on Tuesday and his final public remarks indicated his belief that central banks should be compatible with markets but they should not forget that their charge is fomenting long-term economic growth, according to Reuters.
"What may be desirable for market participants may not be necessary the same as what is desirable for the economy in the long run," the outgoing central bank governor said during his final news conference. "I feel it is dangerous to believe that central banks can freely control market moves with words."
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