The Japanese yen marked slight losses on Tuesday against the world's reserve currency after achieving its largest gains in about 11 weeks against its cross-Pacific rival during the Monday trade session, according to Bloomberg.
While the U.S. Federal Reserve is aspiring to close its monetary stimulus program later this year, that of the Bank of Japan is likely to continue. Shinzo Abe, since becoming prime minister in December 2012, has helped implement stimulus measures as a strategy of spurring growth and development within the world's third-largest economy.
"I think we will trade 103.50 yen to 105.00 yen this week," FX trader Jeffrey Halley with Saxo Capital Markets in Singapore told Reuters on Tuesday. "There are still stops under 103.80 yen that I think will get taken out once the buying ahead is cleared."
The yen moderately fell 0.1 percent on Tuesday against the U.S. dollar after having marked advances of 0.6 percent against the greenback on Monday.
The yen emerged as the worst-performing major monetary unit of 2013 against the U.S. dollar due to the aggressive monetary stimulus measures of the Bank of Japan, Reuters reports.
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