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Yen Slides Versus Majors Ahead of Bank of Japan Meeting

Posted: 26 Apr 2012 08:32 PM PDT

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Despite making gains during yesterday’s trading day, the Japanese Yen has reversed its performance to trade down against the majority of its major currency counterparts.

The Japanese currency weakened ahead of speculation that the Bank of Japan will expand  stimulus measures in order to fight deflation. The BoJ Meeting is scheduled for Friday.

The Yen slid 0.2 percent against the U.S dollar just before 10am Tokyo time after showing a 0.4 percent increase in the previous day.The Yen also performed poorly versus the 17-nation euro as it dipped by 0.1 percent to trade at 107.14 per euro.

Elsewhere, the euro slid versus the greenback as a result of Spain’s recent downgrade from A to BBB+.The decision by ratings agency Standard & Poor’s has added to concerns that the nations debt problem is worsening.
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