The Japanese yen marked a second-straight trading session of gains against the world's reserve currency on Friday after consumer prices surged the most in about five years in the nation hosting the globe's third-largest economy, Bloomberg reports.
For the second consecutive trading session, the yen climbed against the U.S. dollar and each of its other top rival currencies, slimming speculation that the Bank of Japan will grow the economic stimulus measures that have been in place since shortly after Shinzo Abe assumed the prime minister's office in the middle of December of last year.
"The CPI report fueled optimism that the Bank of Japan's stimulus may be working," foreign-exchange director Yuji Saito with Credit Agricole SA in Tokyo told the news source on Friday. "Still, achieving the central bank's 2 percent inflation target is a long way off."
The Friday climb for the yen pushed to 0.7 percent against the greenback, one day after the yen rose 1 percent against its cross-Pacific rival.
June's rise in the consumer price index pushed to 0.4 percent, according to The Wall Street Journal. The official data exceeded the 0.3 percent rise forecast by Journal-polled economists.
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