Thursday saw the monetary unit of Japan hover against the world's reserve currency after the finance ministry of the Pacific Rim nation released economic data noting its foreign bond sales for last week was strong, Bloomberg reports.
The yen has lost 6.6 percent of its value against the U.S. dollar since the Bank of Japan's two-day meetings last week ended with the announcement that it will double the size of its monetary stimulus program.
"There's certainly some interest in the market to take profit on short yen positions, which is providing pause in the general yen depreciation trend," currency strategist Mike Jones with Bank of New Zealand in Wellington told Bloomberg on Thursday.
By last Friday, the finance ministry said Japanese investors sold 1.14 trillion yen in overseas bonds and notes, acquired 6.3 billion yen in overseas stocks and purchased 75.5 billion yen in short-term securities overseas.
Haruhiko Kuroda, who assumed the top post at the Bank of Japan last month, said on Wednesday that he is aiming to help the nation he serves meet the inflation target of 2 percent, according to Reuters.
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