Yen Rebounds on Finance Minister’s Comments

The Japanese yen rallied today after Japan’s Finance Minister Taro Aso commented on the recent slump of the currency, saying it was too quick.
Aso said today that “the pace of the decline in the past week has been too fast.” It is rare that Japanese officials complain about weakness of the yen, though economists believe that Aso had problem with the pace of the movement, not its direction. Signs of additional monetary stimulus from the European Central Bank and profit-taking were also possible reasons for the rally of the Japanese currency.
USD/JPY was down from 118.19 to 117.77 as of 11:16 GMT today, reaching the low of 117.35 intraday. EUR/JPY sank from 148.19 to 146.39 — as much as 1.2 percent.

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