The Japanese yen fell to its lowest rate in five years against the world's reserve currency on Friday, according to Bloomberg.
The monetary unit of the Pacific Rim nation was dropping toward its seventh-straight weekly loss against the U.S. dollar as policy makers with both nations' central banks prepare to convene for meetings next week. The yen plunged to its lowest value in five years against the common currency of the European Union as three officials with the European Central Bank prepare for speaking engagements on Friday.
"Speculation that the Fed will be ahead of the curve and taper in December is building, boosting the dollar," analyst Kumiko Ishikawa with Gaitame.com Research Institute Ltd. told Bloomberg on Friday. "While more people are expecting it to happen this month, others are divided between a January and March start to tapering."
The Japanese yen fell 0.2 percent against the dollar and pushed toward weekly losses of 0.6 percent. The yen sank 0.3 percent against the euro and headed toward 1.1 percent weekly losses.
The Nikkei pushed ahead 1.1 percent on Friday after marking three straight days of losses, according to Reuters.
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