The Japanese yen was heading toward its top gains in a five-day period against the world's reserve currency since the end of this past January as voters prepared to chime in on the secession of Crimea from Ukraine this weekend, according to Bloomberg.
Japan is preparing to raise sales taxes next month, for which preoccupations are growing as the increase's impact on the world's third-biggest economy remains to be seen. The central bank of the Pacific Rim nation this week notched all-time high levels for the economy-boosting stimulus program that has been in place since December 2012.
"Investors are unwinding their long positions in the Nikkei and short positions in the yen," head of global equities and commodity derivatives Kyoya Okazawa with BNP Paribas told Reuters on Friday.
The yen edged up roughly 0.2 percent against the U.S. dollar and was pushing toward marking weekly gains of about 1.6 percent. That advance would mark the biggest climb since the five days ending January 24.
The Nikkei stock average plummeted roughly 3.3 percent on Friday to drop to its lowest rate in roughly 30 days, according to Reuters. Its weekly slide totaled roughly 6.2 percent.
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