Thursday saw the Japanese yen push ahead against 15 of its to 16 rival monetary units, benefiting from banks re-opening in debt-hobbled Cyprus as the nation works to surmount its sovereign debt struggles, Bloomberg reports.
Also driving the monetary unit of the Pacific Rim nation higher is the Bank of Japan noting it intends to continue forward with monetary easing programs to spur its economy. Newly installed central bank governor Haruhiko Kuroda is preparing for the first policy review meeting of his term, which is April 3 and 4, according to Reuters.
"Kuroda's been talking up more aggressive easing and stamping out deflation," economist Janu Chan with St. George Bank Ltd. in Sydney told the news source on Thursday. "If the governor does what's expected, we'll probably see limited reaction. There's probably more risk that the yen strengthens than weakens."
Following negotiations between national leaders and European officials, banks in Cyprus were closed as part of the bailout negotiations included taxing deposits at banks. But the financial institutions re-opened at noon on Thursday and were scheduled to close at 6 p.m.
The yen has lost 15 percent of its value against the U.S. dollar since November of last year, Reuters reports.
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