The Japanese yen was driving toward marking its biggest weekly advance in about two months against the world's reserve currency on Friday as speculation grew about the monetary unit of the Pacific Rim nation enduring recent losses that were too strong, according to Bloomberg.
The yen rose against all but three of its 16 major counterparts as confidence spread about investors moving forward with acquisitions of the yen.
"We may pause a little bit in dollar-yen because of the seasonals there, as Japanese investors typically bring home some of their foreign holdings or foreign exposure mid-January through mid-February," head of global currency strategy Greg Anderson with Bank of Montreal in New York told Bloomberg on Friday, noting his belief that the Bank of Japan is highly likely to continue implementing aggressive monetary stimulus measures this year. "I'd be a buyer of dollar-yen on a 104 handle."
The Japanese yen rose roughly 0.4 percent against the U.S. dollar as it barreled toward weekly gains of about 0.8 percent against its rival.
Japanese markets are not in full operation because many big names remain on vacation during the new year's first week, according to Reuters.
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