15th November 2013
The yen continues to hold above the 100 to the dollar level today (November 15th) and is on course to record weekly declines against all of its major forex trading peers.
With the Bank of Japan set to meet next week to discuss possible policy changes following reports showing Japanese economic growth slowed in the third quarter, sentiment towards the currency has been dampened.
The greenback's gains were then extended after Janet Yellen's nomination hearing in front of the Senate Banking Committee. The current Federal Reserve deputy chair is president Barack Obama's preferred candidate to succeed Ben Bernanke when he leaves the bank's top role at the end of January 2014.
While recent data reports had indicated the Fed may look to taper its quantitative easing programme at its December policy meeting, Ms Yellen warned there are dangers to ending the stimulus too soon and this has been interpreted as a sign she will continue with the bank's accommodative monetary policy.
As of 08:50 GMT, the dollar was trading 0.27 per cent higher for the session at 100.28 yen.
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