The monetary unit of Japan notched a second-straight day of gains against the world's reserve currency on Wednesday, marking unexpected gains for the currency that has been subject to aggressive stimulus programs this year, according to Reuters.
The Bank of Japan is likely to continue the economy-spurring measures into next year, which prompt growth and development in the world's third-largest economy. Investors seized the opportunity to lock in gains achieved by the yen's top rivals this year.
According to Bloomberg, stimulus policy has prompted strong, record-setting tourism numbers to Japan. The nation is expected to mark 10-million-plus within the week, according to the Japan Tourism Agency. The previous yearly record is 8.6 million, which occurred in 2010.
Japan "has realized the importance of tourism," asset manager Mitsushige Akino with Ichiyoshi Investment Management Co. in Tokyo told the news source on Wednesday. "The weaker yen has helped boost visitors and the country has also benefited from a concerted effort by the government to promote itself abroad."
The Japanese yen rose roughly 0.3 percent against the U.S. dollar and about 0.4 percent against the common currency of the European Union.
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