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Harakiri in Yen: May Sees Steepest Drop in 6 Mths
The Japanese yen booked a steep weekly - and also monthly - loss against its US peer as the past seven days revealed the speed at which the monetary policies of Japan and the US have continued to further diverge. The decline was so rapid that it provoked debates over whether the depreciation wasn't too fast. The yen gave up 2.14% against the greenback and ended Friday at ¥124.14. At the end of the previous week, the currency had landed at ¥121.54. The Japanese currency reached its weekly high of ¥121.45 on Monday, just to plummet to a 12.5-year low of ¥124.46 on Thursday. Steep slump The USD/JPY pair ... (full story)
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