The world's reserve currency slipped against the Japanese yen on Monday after having touched its top value since October 2008 this past Friday against its cross-Pacific rival, according to Bloomberg.
The dollar has dropped about 20 percent against the yen thus far this year. Prime Minister Shinzo Abe, who assumed office in December 2012, has embarked on an aggressive economic stimulus program as part of an effort to spur growth in the nation hosting the globe's third-largest economy. But the stimulus has watered down the value of the yen.
"While the potential for speculative dollar-yen profit-taking remains substantial given yet another new high, the underlying trend of yen weakness should persist into the New Year," states a Monday client note authored by European head of currency strategy Adam Myers with Credit Agricole Corporate & Investment Bank in London, according to Bloomberg.
The greenback moderately dropped on Monday against the yen, slipping about 0.1 percent.
The U.S. Federal Reserve is likely to move forward with tapering stimulus, as it decided earlier this month. Reuters reports that will temper the greenback's losses against the yen.
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