The Japanese yen slipped in value on Monday against 15 of 16 of its top rivals after the finance ministry noted the nation's trade deficit grew more than forecast last month, according to Bloomberg.
Japan's trade deficit developed to the yen equivalent of $14.1 billion in March. The Bank of Japan, which is slated to convene a policy meeting on the final day of this month, is likely to continue its aggressive monetary easing policy, according to a survey of analysts, economists and traders conducted by the news source.
"The BOJ meeting next week will overlap with the FOMC and those two events will be closely watched as the divergence in their monetary policies has the potential to destroy the yen." Chief currency strategist Kengo Suzuki with Mizuho Securities Co. in Tokyo told the news source on Monday.
The yen slipped about 0.1 percent on Monday against the U.S. dollar and roughly 0.2 percent against the shared currency of the European Union.
This past Friday, when U.S. banks and markets were closed for observation of Good Friday, saw stronger purchases of the greenback, one trader told Reuters.
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