The yen has been on a downtrend despite the BOJ's decision on March 19 to end eight years of negative interest rates.Japanese Finance Minister Shunichi Suzuki said on Monday there were some speculative moves in the currency market that did not reflect economic fundamentals, repeating his warning against excessive yen declines.
Suzuki said various factors are driving currency moves such as the Bank of Japan's decision to end negative interest rates, Japan's current account balance, price moves, geopolitical risks, as well as market players' sentiment and speculative trades. With the BOJ's policy rate still stuck around zero, expectations the gap between U.S. and Japanese interest rates will remain wide are giving traders an excuse to keep selling the yen, analysts say.
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