The Japanese yen on Friday advanced against the vast majority of its competitor monetary units after the most recent Bank of Japan meeting included one supporter of pulling back on economy-spurring measures for a period lasting two years, Bloomberg reports.
The currency of the Pacific Rim nation marked a fourth consecutive day of gains against the world's reserve currency. Also impacting the relation between the two currencies is mounting speculation as to what lies ahead for the economic stimulus program of the U.S.
"Dollar-yen has been volatile," chief currency strategist Junya Tanase with JPMorgan Chase & Co. in Tokyo told the news source on Friday. "Uncertainty over government and monetary policy in Japan and the U.S. has raised volatility in financial markets. It's possible for the yen to strengthen beyond 94 per dollar."
Adjourning after two days of meetings late last month, the policy meeting of the Bank of Japan entailed one representative stating the aggressive easing program should be under a two-year maximum so as to aid bond-market volatility.
This week is likely to show the yen achieving its strongest weekly gains against the U.S. dollar in three-plus years, according to Reuters
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