The Japanese yen lost value on Monday against the world's reserve currency after the Pacific Rim nation released weaker data and investors speculated the Bank of Japan is likely to increase its stimulus program, Bloomberg reports.
Export growth grew more slowly and Japan's record run of trade deficits continued. The yen lost value against all but one of its 16 major counterparts on foreign exchange markets.
"The yen is probably leading the way as far as losses versus the dollar are concerned," senior currency strategist Sacha Tihanyi with Scotiabank in Hong Kong told Bloomberg on Monday. "We haven't seen a turn in the trade balance, which is a little bit concerning."
The yen's losses against the greenback on Monday were as high as 0.4 percent after climbing 1.1 percent during the previous two trade sessions. The yen lost about 0.2 percent against the common currency of the European Union.
The U.S. is forecast to release strong data about its labor market on Tuesday, which also drew down the Japanese yen during the Monday trade session, according to Reuters.
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