The Japanese yen on Friday lengthened its biggest weekly advance against the world's reserve currency after the nation's finance minister said there are no plans manifesting to spur the economy, Bloomberg reports.
The monetary unit of the Pacific Rim nation surged to its highest value in more than two months in the aftermath of Taro Aso saying Japan no longer will intervene, which also draws down the value of the yen. The U.S. Department of Labor is set to release employment data on Friday, which typically impacts the value of the yen.
"We're seeing large unwinding of carry trades and violent moves in dollar-yen," senior analyst Kikuko Takeda with Bank of Tokyo-Mitsubishi UFJ Ltd. in London told the news source on Friday. "There's been both strong and weak U.S. data so it's hard to take a one-sided view of the U.S. economy or Fed policy."
Assuming office in mid-December 2012, Prime Minister Shinzo Abe has emphasized stimulus measures to spur the economy also while campaigning for office.
The Bank of Japan is unlikely to implement additional monetary stimulus measures, according to Reuters.
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