The Japanese yen was among the biggest losers on the Forex market this week and this month. It looks like traders believe that Japanese policy makers will inevitably add monetary stimulus, weakening the currency further.
The week started poorly for the yen, which was falling due to risk appetite. The minutes of the latest Bank of Japan monetary policy meeting showed that some members of the Board were concerned that the inflation target will not be achieved at the determined date. Such view continued to hurt the yen even after data showed that inflation accelerated.
The Japanese currency sank as much as 6.3 percent versus the pound over month. The UK currency was very strong because of signs of stable growth. The yen was also down 4.1 percent against both the dollar and the euro during November.
USD/JPY rose from 101.28 to 102.40 and EUR/JPY advanced from 137.23 to 139.10 during this week. Both currency pairs gained 1.1 percent. GBP/JPY jumped from 164.32 to 167.60, rising as much as 2 percent.
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