The yen dropped against its 16 major peers as traders speculated yesterday’s advance versus the dollar, the biggest in three years, was too rapid given expectations for further stimulus from the Bank of Japan.
Demand for the greenback was supported before a report tomorrow that may show sales at U.S. retailers increased by the most in three months. The euro was near the highest in 3 1/2 months versus the dollar before European Central Bank executive board member Benoit Coeure speaks. Australia’s dollar halted a decline that took it to the lowest in almost three years.
“As long as the BOJ continues to execute what’s already announced, there’ll be weakening effects over the yen,” said Hideki Shibata, a senior rates and currencies strategist at Tokai Tokyo Research Center Co. in Tokyo.
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