Monday saw the Japanese yen mark a third consecutive trading session of advances against the majority of its monetary counterparts after the pace of Chinese growth slowed last quarter, Bloomberg reports.
Also benefiting the Japanese currency during Monday's trade session was the U.S. Treasury's warning to the Pacific Rim nation about competitive devaluation of the yen. Japan has implemented economy-spurring measures since Prime Minister Shinzo Abe assumed office in December 2012.
"There has been a risk-off reaction to Chinese GDP, which (tends to mean) yen stronger, while the statement on Friday from the U.S. Treasury comes back to the theme of currency wars," senior currency strategist Jane Foley with Rabobank told Reuters on Monday. "There's the risk of political resistance to a significant fall in the yen."
Chinese GDP climbed 7.7 percent during the first quarter of this year as compared to the first quarter of last year, the National Statistics Bureau in Beijing announced. The advance was forecast to amount to 8 percent gains.
Reuters reports the dollar pushed to its four-year peak late last week, according to Reuters.
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