The Japanese yen was heading toward its longest bearish streak of monthly losses in more than 10 years on Friday, the final day of the first quarter of 2013, Bloomberg reports.
The Bank of Japan is set to convene two days of meeting late next week, for which expectations are high that monetary easing programs will continue. The meetings mark the first ones over which newly tapped governor Haruhiko Kuroda will preside.
"The fact that deflation is persisting just increases the pressure to make sure he comes out from that first meeting doing something big right from the start," Japan strategist Nicholas Smith with CLSA Asia-Pacific Markets Ltd. in Tokyo told the news source on Friday. "We're probably going to weaken from the present 94 yen to the dollar to about 100, I would have thought, perhaps within this year."
The yen has dropped roughly 7.8 percent against the U.S. dollar since the final day of last year.
Reuters reports the Bank of Japan meetings next Wednesday and Thursday are likely to include discussion about slippage in Japanese factory production and consumer prices in February.
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