Plunging at least 0.2 percent against all 16 of its top counterpart monetary units, the yen dropped to lowest point in almost four years against the world's reserve currency. Governor Haruhiko Kuroda with the central bank is preparing for a Friday speaking engagement at a Japanese newspaper, which is sure to attract intense scrutiny. Policy makers with the bank are scheduled to convene on April 26.
"Bold monetary easing will cause a change from deflation to inflation," Prime Minister Shinzo Abe of Japan told parliament on Wednesday, according to Bloomberg, while also noting that Japan is not purposefully debasing the value of the yen. "As a result, the yen weakens, or rather, the excessively strong yen is being corrected."
The Japanese yen dove to its lowest value since May 2009 against the U.S. dollar on Wednesday, Bloomberg reports.
The monetary unit also plunged to its lowest value in more than three years against the shared currency of the European Union, according to Reuters.
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