The Japanese yen slipped on Tuesday against the world's reserve currency for the first time in four days as a consequence of economic data indicating Japanese industrial production fell the most in more than two years, Bloomberg reports.
The monetary unit of the Pacific Rim nation dropped against most its major rivals amid rising sentiment noting the Bank of Japan will continue spurring the economy with monetary easing policies. Industrial production dropped 3.3 percent last month in Japan, the biggest drop since March 2011.
"The positive start for the Nikkei was enough to revive risk appetite and trigger yen selling," analyst Junichi Ishikawa with IG Markets Securities Ltd. in Tokyo told the news source on Tuesday. "The market is expecting the Fed to head towards a stimulus exit before the BOJ" and the European Central Bank.
Losses for the yen against the greenback fell to 0.2 percent after having achieved gains of 2.4 percent during the past three trade sessions. The yen dropped 0.3 percent against the common currency of the European Union.
Japanese market sentiment increased on Tuesday for the first time in five days as a result of an increase to Chinese shares, according to Reuters.
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