The Japanese yen dove against 14 of its 16 major counterpart currencies on Tuesday as concerns spread that the economy of the Pacific Rim nation is not developing as quickly as other economies, according to Bloomberg.
The yen marked a third-straight day of losses against the world's reserve currency. Confidence is growing that the Bank of Japan will need to implement additional economy-spurring measures. The Japanese Finance Ministry released data noting Japan's current-account surplus thinned down more that anticipated in March.
"Should U.S. retail sales data come in strong and cause yields to rise, that would propel dollar gains against the yen," senior currency strategist Yujiro Goto with Nomura International Plc in London told the news outlet on Tuesday. "Dollar strength is in the process of being confirmed."
The Japanese yen edged down 0.2 percent against the U.S. dollar and 0.3 percent against the shared currency of the European Union on Tuesday. The yen has dropped about 4.9 percent against the U.S. dollar during the past 180 days.
Japan is slated to release economic data about this first-quarter gross domestic product on Thursday, according to The Wall Street Journal
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