Wednesday saw the Japanese yen fall in value against the world's reserve currency as Group of 20 nation representatives prepare to convene, Bloomberg reports. The body is set to discuss the value of the yen and Japan's efforts to stimulate its economy since the middle of this past December.
The monetary unit of Japan lost value against 15 of its top 16 monetary units, rising only against the currency of Sweden.
"The dollar has now rebounded strongly … over the next couple of days we might see some consolidation around current levels but with the easing from the BOJ we think the dollar will trade higher versus the yen," global FX strategist Marcus Hettinger with Credit Suisse told Reuters on Wednesday.
The yen had gained roughly 3 percent against the dollar this past Friday and Monday prior to enduring two consecutive trading sessions of losses.
The monetary unit of the Pacific Rim nation is set to continue losing value against the U.S. during the next several weeks, according to Reuters. The government is poised to spur the yen by injecting roughly $1.4 trillion info the economy in less than 24 months.
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