The Yen earlier climbed, as against a majority of its 16 major counterparts, after Amari said on Sunday that there's speculation the Japanese currency's past strength has "been corrected a lot."
He went on to say that "If the Yen extends losses a lot, people's lives will be negatively affected. It's our job to minimize that."
In fact, over the last 6 months the Yen has dropped 20% and was near its lowest level in more than four years to the Dollar.
Amari's remarks, that essentially create the impression that the worst of the losses were now over, had spooked the market.
The Yen earlier rose as much as 1.1%, at 102.67 per Dollar and by 0.5% to 131.90 per Euro. The Dollar stayed virtually unchanged at $1.2848 per Euro.
The Dollar has been boosted recently by speculation that the Federal Reserve will signal that it will gradually scale down its easing policies.
Last Thursday Fed Bank of San Francisco President. John Williams, had said that faster economic growth and gains in the job market could prompt the central bank to ease off its bond buying over the months to come.
He went on to say that "If the Yen extends losses a lot, people's lives will be negatively affected. It's our job to minimize that."
In fact, over the last 6 months the Yen has dropped 20% and was near its lowest level in more than four years to the Dollar.
Amari's remarks, that essentially create the impression that the worst of the losses were now over, had spooked the market.
The Yen earlier rose as much as 1.1%, at 102.67 per Dollar and by 0.5% to 131.90 per Euro. The Dollar stayed virtually unchanged at $1.2848 per Euro.
The Dollar has been boosted recently by speculation that the Federal Reserve will signal that it will gradually scale down its easing policies.
Last Thursday Fed Bank of San Francisco President. John Williams, had said that faster economic growth and gains in the job market could prompt the central bank to ease off its bond buying over the months to come.
At the moment, the Dollar does seem to have the upper hand over other currencies from the perspective of fundamentals.
Fed Chairman Ben S. Bernanke is due to speak to the Joint Economic Committee of Congress on Wednesday. The same day, the minutes of the bank's most recent policy meeting will be released.
Fed Chairman Ben S. Bernanke is due to speak to the Joint Economic Committee of Congress on Wednesday. The same day, the minutes of the bank's most recent policy meeting will be released.
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