Friday saw the Japanese yen slightly climb against the world's reserve currency one day after the Bank of Japan ordered an extensive upgrade to economy-spurring monetary stimulus efforts in the world's third-largest economy, Reuters reports.
The monetary unit of the Pacific Rim nation on Thursday endured its sharpest losses during one trading session following new governor Haruhiko Kuroda approving a doubling in size of the country's aggressive intervention. Prime Minister Shinzo Abe has supported monetary easing since before he was elected in December of last year.
"Domestic investors are likely to be encouraged by the BOJ's promise to stay accommodative for quite some time," currency strategist Bill Diviney with Barclays Capital in Tokyo told Reuters on Friday, noting he also is anticipating the interests of Japanese investors will proceed to migrate internationally and that will prove to be beneficial for U.S. assets.
Thus far this year, the world's reserve currency has advanced about 11 percent against the Japanese yen.
Thursday was the first policy meeting for the new governor of the Bank of Japan and he granted approval to a program that doubles the size of the one that already is in place, according to Bloomberg.
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