The Japanese yen advanced on Friday against the world's reserve currency, propelled higher by the release of strong inflation data about the world's third-largest economy which has implemented aggressive monetary stimulus measures for one-plus year, according to Reuters.
Core consumer price inflation in Japan surged 1.3 percent in January, marking its biggest rise since 2009. The aggressive monetary easing program, colloquially known as "Abenomics," has been in place since Shinzo Abe assumed the prime minister's office in December 2012.
The easing program that Abe endorsed while campaigning for the top elected office in the Pacific Rim nation is a key component of a drive to confront deflation and prompt economic growth and development.
The yen and the Nikkei were traveling in opposite directions as is the two entities' tendency.
Credit rating agency Moody's Investors Service recommended Japan's largest banks reduce bond holdings and enhance loan as part of a drive to protect their balance sheets, according to Bloomberg. Governor Haruhiko Kuroda with the Bank of Japan is pushing push up inflation to 2 percent via the acquisition of 7 trillion yen.
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