“The yen weakened for a second day against the euro and dollar before U.S. data tomorrow forecast to show employment and housing markets are improving, reducing demand for the safety of Japan’s currency.
The yen fell versus all 16 of its major counterparts after Bank of Japan (8301) Deputy GovernorKiyohiko Nishimura said the central bank is ready to implement additional easing, and the International Monetary Fund yesterday raised its global growth forecasts. The pound strengthened after Bank of England minutes showed policy maker Adam Posen ended his push for further stimulus. Sweden’s krona appreciated as the central bank kept its benchmark interest rate unchanged.
The weaker yen reflects “both improving risk sentiment, and intensified speculation over the potential for further monetary easing from the BOJ,” said Lee Hardman, a foreign- exchange strategist at Bank of Tokyo-Mitsubishi UFJ Ltd. in London. “The IMF also released its latest World Economic Outlook forecasts, which revealed a modest upgrade to its global growth projection.”
The yen declined 0.4 percent to 106.55 per euro at 6:44 a.m. New York time after falling 0.4 percent yesterday. Japan’s currency weakened 0.8 percent to 81.49 per dollar after appreciating to 80.30 on April 16, the strongest since Feb. 29. The euro dropped 0.4 percent to $1.3071…”
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