The yen weakened to within striking distance of the 100-level against the U.S. dollar on Monday, yet breaking that key psychological barrier is proving to be hard.
The current fall in the yen was triggered by the Group of 20 nations’ meeting in Washington over the weekend, where the participating finance ministers shied away from directly criticizing Japan from pursuing an aggressive monetary policy.
“The G-20 comments were focused on economic growth and in a way that supports what Japan is trying to do with its monetary policy, which is why dollar/yen has risen this morning,” said David Greene, a senior corporate currency dealer at Western Union Business Solutions in Sydney. “But whether that is enough to push dollar/yen above 100 remains to be seen.”
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