The Japanese yen dove in value against the world's reserve currency on Tuesday, marking its biggest losses in about one month against its cross-Pacific rival, according to Bloomberg.
Japan's current-account deficit from November 2013 grew to its widest ever, prompting the yen to drop against all 16 of its top 16 major counterparts.
"There's a bigger risk of dollar weakness than that of dollar strength," managing director Noriaki Murao with a marketing group at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York told Bloomberg on Tuesday. "The U.S. economy isn't weak but markets ran ahead of themselves to price in a very strong economy and continuous tapering of quantitative easing."
The yen fell about 0.6 percent against the U.S. dollar, notching its biggest loss against the greenback since mid-December 2013. The currency of the Pacific Rim nation also endured losses of roughly 0.6 percent against the common currency of the European Union on Tuesday after touching its top value in more than one month during the Monday trading session.
The yen's dip on Tuesday against the U.S. dollar reversed its advance against its rival from the Monday trade session, according to Reuters.
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