The Japanese yen dipped in value against all of its top rivals on Thursday, marking a second-straight day of losses while confidence strengthened about the prospect of manufacturing growth in China, according to Bloomberg.
The currency of the Pacific Rim nation was tugged down by Asian and European equities advancing, which spurred U.S. equities' climb. Results of a private purchasing managers' index in China checked in at its highest level thus far in 2014, which spurred surprise among investors, traders and analysts.
"The dollar is being bought as sentiment turned around," vice president for global markets Yasuhiro Kaizaki with Sumitomo Mitsui Trust Bank Ltd. in New York told the news source on Thursday. "Dollar-yen bounced back above the 200-day moving average, so the risk is skewed for a short-term rebound."
The yen dropped roughly 0.2 percent against both the world's reserve currency and the shared currency of the European Union.
The yen's losses drew down the currency's gains from earlier this week, according to Reuters. The monetary unit also lost value as 10-year yields pushed higher during the Thursday trading session.
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