The Japanese yen dove the most in about seven days on Monday as a consequence of economic data indicating the Pacific Rim nation did not develop as much as forecast by economists and analysts during the second quarter of this year, Bloomberg reports.
The monetary unit dropped in value against all of its major counterparts after gross domestic data information indicated growth pushed to 2.6 percent from April through June, according to Reuters.
"Growth above 2 percent is still considered high, so it wouldn't lead to a complete postponement of the sales tax hike. But the government could make tax hikes more incremental, without delaying the timing," chief economist Takeshi Minami with Norinchukin Research Institute told Reuters on Monday.
The yen drop against the U.S. dollar checked in at 0.5 percent. The monetary unit fell 0.2 percent against the common currency of the European Union.
Reuters reports Japan notched a third consecutive quarter of growth during the second quarter but the government's debt burned has exceeded 1,000 trillion yen. That is roughly equal to $10.4 trillion in U.S. currency.
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