Tuesday morning saw the Japanese yen lose at least 0.7 percent of its value against all of its top counterpart currencies, Bloomberg reports.
The monetary unit of the Pacific Rim nation lost as much as 1.2 percent of its value against the common currency of the European Union, an about-face when considering the 3.5 percent gains that the yen accomplished against the 17-nation euro during the previous two trade sessions.
"We had a clear rout of positions in the past few days," senior currency strategist Paul Robson with RBS told Reuters on Tuesday. "But any pullback in dollar/yen is temporary and we are fairly confident that dollar will rise against the yen in the medium term given capital outflows from domestic Japanese investors."
Losses for the Japanese yen against the world's reserve currency climbed as high as 1 percent one day after gains of 0.6 percent on Monday against the monetary unit.
China, host of the globe's second-largest economy, has released underwhelming economic data as of late, which Reuters reports is largely correlated with the yen's recent gains.
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