The Japanese yen on Monday plunged 0.2 percent minimum against each of its top 16 counterpart currencies on Monday as global stocks were showing strength, tempering demand for haven assets, Bloomberg reports.
Gains for the world's reserve currency against the Japanese yen were linked with the U.S. Federal Reserve preparing to gather for two days of policy meetings, beginning on Tuesday. Fed chief Ben Bernanke is slated to disclose what the central bank will do regarding its economy-spurring monetary stimulus program, known as quantitative easing.
"The changing prospects for U.S. quantitative easing are causing great confusion," chief currency strategist Kengo Suzuki with Mizuho Securities Co. in Tokyo told the news source on Monday. "The market consensus is that Bernanke will clarify this week the difference between QE tapering and policy tightening and emphasize the point that monetary easing is still needed."
Gains for the shared currency of the European Union against the Japanese yen were linked with economic data noting the euro zone saw its trade surplus push close to a record high in April.
The yen had been at its highest value in about 60 days against the U.S. dollar, according to Reuters.
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