The Japanese yen lost value on Monday against all of its top rivals as the deputy governor with the Bank of Japan said the aggressive stimulus program will continue, Bloomberg reports.
Policy makers with the central bank of the Pacific Rim nation are preparing for a policy meeting this week and Deputy Governor Kikuo Iwata said this past weekend that the financial institution will buy assets until the country reaches the inflation target of 2 percent. Since Prime Minister Shinzo Abe was elected in December 2013, Japan has been buying debt as part of a program nicknamed "Abenomics."
"We still remain firmly in the camp that the yen will weaken, and weaken materially in the months ahead," currency strategist John Horner with Deutsche Bank AG in Sydney told Bloomberg on Monday. "We do think Abenomics will work. We do expect to see further indication as to the detail of those reform measures in the weeks and months ahead that will give us greater confidence that that dollar-yen move will persist."
The yen's losses of about 0.2 percent against the euro come after weekly losses against the common currency of the European Union amounted to 0.5 percent. The yen fell about 0.2 percent against the world's reserve currency.
The Australian dollar gained about 0.7 percent against the yen on Monday, according to Reuters.
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