February 04, 2012 -- Updated July 20, 2010 03:24 HKT
Yen Falls, USDJPY, GBPJPY, AUDJPY, EURJPY
The yen fell against all of its 16 major counterparts amid speculation recent gains will spur intervention by Japanese authorities to weaken the currency. Japan’s currency slipped to 112.92 per euro from 112.19. It reached 86.27 per dollar on July 16, the closest it’s come this year to the 14-year peak of 84.83 reached on Nov 27.
The Bank of Japan may take steps to ease monetary policy should the yen stay around 85 per dollar, Dow Jones Newswires reported yesterday, citing people familiar with deliberations at the central bank. A stronger yen reduces the value of overseas income at Japanese companies.
”The strengthening of the yen has added to pressure on the BOJ to implement more reflationary policy,” said Mitul Kotecha, Hong Kong-based global head of foreign-exchange strategy at Credit Agricole. ”The risk is for a shift higher in dollar-yen in coming sessions from oversold levels.”
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