The Japanese yen on Wednesday lost value after policy makers with the Bank of Japan committed to doubling the monetary base during the next two years, according to Bloomberg.
The currency of the Pacific Rim nation dove to its three-year trough following adjournment of two days of central bank meetings. However, the statement released by the institution made no reference to boosting bond yields.
The currency lost value against 13 of its 16 major counterparts, burdened also by economic data noting Japan's trade deficit grew more than forecast in April. Thus far this year, the yen has lost 13 percent of its value, establishing itself as the worst performing monetary unit of 10 developed nations that the news service monitors.
Governor Haruhiko Kuroda with the central bank said he will try to cut down on the amount of volatility in the Japanese government bond market, according to Reuters.
"I don't think the recent rise in yields is having a big impact on the economy," the central banker said during a media conference after BOJ adjournment, Reuters reports. "We will continue to monitor market moves and respond with flexibility in the pace and maturities of bond purchases and in market operations."
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