The Japanese yen was hurtling toward a second-straight week of gains against the world’s reserve currency on Friday as the monetary unit’s value as an asset haven gained amid increasing concerns for the globe’s largest, most powerful economic systems, according to Bloomberg.
The U.S. economy, respected as the world’s largest, is in need of continued stimulus to make it healthier, Janet Yellen, chair of the U.S. Federal Reserve told an audience during a Thursday eve speaking engagement. The economy of China, checking in at the globe’s second largest, is navigating rough economic times. Japan’s economy, which is based on the export of electronic devices and automobiles, is the globe’s third largest.
During both of the past two weeks, the yen has risen 0.3 percent against the U.S. dollar, achieving its first consecutive weeks of gains since late January.
Japanese stocks fell as the yen rose, according to Reuters. The Nikkei has slipped about 1 percent this week.
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