The Japanese yen dove toward its lowest value in six months against the world's reserve currency after negotiators notched a pact over Iran's nuclear ambitions, Bloomberg reports.
The yen dropped to its four-year trough against the shared currency of the European Union as the Pacific Rim nation prepared to release October inflation data, which Bloomberg-polled economists project will demonstrate the advancement of inflation. The nation is preparing to release Consumer Price Index data in the coming days and one analysts predicted Japan's currency will continue slumping.
"This week, we will probably see another tick up in the CPI data out of Japan," global head of foreign-exchange strategy Steven Saywell with BNP Paribas SA in London told the media outlet on Monday. "The BOJ is very much focused on reaching the inflation target and what that means is that the yen continues to weaken."
The yen lost 0.4 percent against the U.S. dollar and 0.1 percent against the 17-nation monetary unit.
Governor Haruhiko Kuroda with the Bank of Japan said during the Monday trade session that the BOJ will continue moving forward with monetary stimulus, according to Reuters.
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