The monetary unit of Japan reversed four-straight trading sessions of losses against the shared currency of the European Union on Tuesday after strong economic data released by the Pacific Rim nation raised questions about the need for continued monetary easing, according to Bloomberg.
The Japanese yen advanced against each of its top 16 counterpart currencies as policy makers with the Bank of Japan prepare to convene this week. Economic data noted the nation's labor market and retail sales figures are improving.
"The consensus is that the yen is somewhat undervalued," mission chief for Japan Jerald Schiff with the International Monetary Fund told the news service during an interview in Tokyo on Tuesday. "Right now we don't think the BOJ needs to do anything different to what they are doing. They announced a quite enormous monetary accommodation, and although it may not be moving very fast, both inflation and inflation expectations are moving in the right direction."
The Japanese yen rose 0.2 percent against the yen on Tuesday against the 17-nation currency and 0.1 percent against the world's reserve currency.
Reuters reports the Bank of Japan is slated to meet on Thursday and is driving toward reaching an inflation rate of 2 percent in two years.
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