G-20 Does Not Blame Japan for Weakening Yen
The Japanese yen weakened today against all other most-traded currencies on speculations that the Group of Twenty will not accuse Japan of currency manipulations, allowing Japanese policy makers to push the currency further down.
The Group of Twenty has started its two-day meeting yesterday. The global growth is the main agenda of the gathering, but currency wars are among topics of the discussion too. There are signs that Japan will yet again escape criticism for its policy aimed at devaluing the yen.
It means that the Bank of Japan will freely continue with its measures to spur growth and inflation by making the Japanese currency cheaper. Obviously, such prospects were not good for the yen and the currency declined.
USD/JPY rose from 98.14 to 98.49 as of 4:37 GMT today. EUR/JPY advanced from 128.07 to 128.69 and GBP/JPY edged up from 149.94 to 150.64.
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Earlier News About the Japanese Yen:
- Dollar, Yen Rise on Safe Haven Demand (2013-04-17)
- Yen Gains as China's Growth Unexpectedly Slows (2013-04-15)
- USD/JPY Fails to Breach 100 Level as Yen Advances (2013-04-12)
- Yen Pauses Downfall, Remains Weak (2013-04-09)
- BoJ Accommodation Leads to Huge Weekly Losses for Yen (2013-04-06)