The Japanese yen continued its downward dive on Friday against its major rivals, including a third-straight week of losses against the world's reserve currency, Bloomberg reports.
As policy makers with the Bank of Japan prepare to meet late next week, the yen was slumping toward weekly losses against its top counterparts. After Vice Chair Janet Yellen's testimony on Thursday, members of the U.S. Senate Banking Committee could vote on her nomination as chair of the U.S. Federal Reserve as soon as next week.
"The dollar only reacted very moderately as Yellen signaled continuity," currency strategist George Saravelos with Deutsche Bank told Reuters on Friday. "The underlying dynamics still favor the upside in dollar/yen."
The monetary unit of the Pacific Rim nation fell roughly 0.2 percent against the greenback and the common currency of the European Union. Its losses against the dollar this week amount to roughly 1.1 percent; the yen is down about 1.8 percent against the euro.
The yen fell to its two-month trough against the U.S. dollar and its lowest value in four years against the English pound, according to Reuters.
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