The Japanese yen marked its top value in two weeks on Monday against the world's reserve currency after Bank of Japan Governor Haruhiko Kuroda said the economy of the Pacific Rim nation is recovering, according to Bloomberg.
The yen marked two-straight days of gains against the U.S. dollar after manufacturing data about China fell last month, which increased demand for the yen as a safe-haven asset. The BOJ is likely to keep monetary stimulus as is without additional policy upgrades.
"Kuroda is currently 'talking down' the chances of further monetary policy developments in the near term," states a Monday research note authored by head of currency and commodity strategy Robert Rennie with Westpac in Sydney, according to Bloomberg. "Arguments for being long USD/JPY right now are running very thin."
The yen rose about 0.1 percent against the greenback and the shared currency of the European Union, also pushing higher against the Australian dollar on Monday.
Japanese markets are scheduled to be closed on Monday and Tuesday as the nation observes a public holiday, according to Reuters.
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