The first day of the second quarter of 2013 saw the Japanese yen rise against most of its rival currencies after having notched losses during the month of March against the U.S. dollar, Bloomberg reports.
March marks the sixth-straight month of losses for the monetary unit of the Pacific Rim nation against the world's reserve currency. The Bank of Japan released results of the Tankan survey, which measures national confidence, and it noted manufacturers were not as confident as projected last month.
The Bank of Japan later this week will conduct its first policy meeting under the stewardship of new governor Haruhiko Kuroda, Reuters reports.
"The governor is expected to make good on his promise of pursuing bold monetary easing," senior economist Tatsushi Shikano with Mitsubishi UFJ Morgan Stanley Securities in Tokyo told Reuters on Monday. "The Tankan result reflected companies' expectations that a weaker yen and policy steps pursued by the government will have a positive impact on the economy."
The yen's losses against the dollar last month were roughly 1.8 percent and the yen is likely to be impacted by February euro zone employment data, which is slated to be released on Tuesday.
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