The Japanese yen climbed against the U.S. dollar on Wednesday after prime minister Shinzo Abe did not go into specifics of his next efforts to spur the world's third-biggest economy, Bloomberg reports.
The currency of the Pacific Rim nation also climbed against all of its other top rival currencies except for one as a consequence of the leader stating attempts to draw down rules on businesses will not be implemented for several months.
"The yen is swayed by the movement in equity prices," foreign-exchange products manager Akira Moroga with Aozora Bank Ltd. in Tokyo told the news source on Wednesday. "Stocks which rose in anticipation of Abe's growth strategy were sold off after the announcement lacked any concise measures."
But Reuters reports the nation's leader did state that he will spur incomes higher by 3 percent per year, also noting that he plans to set up special economic zones as part of an effort to attract international business interest.
Reuters also reports Japan is pursuing the advice of experts as it manifests its next steps. The next round of economy-spurring measures is forecast to be completed by the fall.
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