Yen recovers after falling to four-week low against dollar

Posted On: September 19, 2012
The Japanese yen recovered Wednesday from losses suffered earlier in the trading session after the nation's central bank announced it plans to implement a monetary easing strategy, according to Reuters.

The currency of the Pacific Rim nation initially dropped to its lowest in one month against the world's reserve currency in the immediate aftermath of the decision by the Bank of Japan, which boosted the acquisition of assets by 10 trillion yens.

"The yen fell initially, but subsequently managed to recoup most of these losses," currency strategist Vassili Serebriakov with Wells Fargo in New York told the news source. "Meanwhile, markets are increasingly questioning the next European policy moves, and, in particular, the possibility of Spanish government requesting financial aid."

Governor Masaaki Shirakawa with the Bank of Japan said the nation's economic recovery might be delayed by as long as 180 days following a prolonged global economic slowdown.

Bloomberg reports the yen had scraped its lowest value in four weeks against the world's reserve currency after the Bank of Japan indicated it was moving forward with a stimulus program.

Category: Industry News

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