The yen dropped to the weakest level since June 2009 as investors sold the currency amid concern Bank of Japan (8301) measures to fight deflation, announced last week, will debase the currency.
The yen pared declines after finance ministry data showed Japan’s current account surplus, the widest measure of trade, was larger than economists forecast. The dollar remained lower versus the euro after a three-day decline ahead of remarks by Federal Reserve Chairman Ben S. Bernanke today after a report last week showed employers added the least jobs in nine months in March. The won slid to the weakest in more than eight months amid concern about an escalation of tension between North and South Korea.
“The yen is still trading on the back of the monetary policy decisions last week,” said Greg Gibbs, a Singapore-based senior currency strategist at Royal Bank of Scotland Group Plc. “We’ve come to levels which are now starting to attract some profit-taking from those who had managed to buy earlier.”
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