The Japanese yen fell to its lowest rate in 120 days on Friday against the world's reserve currency after the Bank of Japan governor said the body he leads will work to minimize long-term yields' growth, according to Bloomberg.
The currency of the Pacific Rim nation was diving toward a fourth-straight weekly loss against the greenback, the longest losses in about nine months. The central bank of Japan has been deploying strong monetary easing policy since the end of last year as a method of economic growth and development.
"Crucial to most people's forecasts is the expectation that the BOJ will pre-empt the consumption tax hike with new monetary ease," Asia macro product research head Ray Farris with Credit Suisse in Singapore told Reuters on Friday, also indicating the possibility of the BOJ falling short of that expectation is in play.
The yen was ebbing and flowing on Friday after scraping its lowest value in three-plus months earlier during the trade session. It is down about 0.8 percent this week against its cross-Pacific rival.
The Bank of Japan is driving toward achieving the target inflation rate of 2 percent, according to Reuters.
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