6th December 2013
The yen has fallen against the dollar for the first time in four forex trading sessions today (December 6th).
This comes after the head of an advisory panel urged the Japanese Government Pension Investment Fund (GPIF) to reduce its domestic debt holdings as soon as possible.
According to Takatoshi Ito, the world's largest retirement fund should begin selling debt immediately as the government is set to follow the panel's recommendation it seeks out higher returns.
As of September 30th, 58 per cent of the GPIF portfolio was comprised of domestic debt, the fund's quarterly report shows.
Following this announcement, the dollar strengthened and was trading 0.28 per cent higher versus the Japanese currency at 102.08 yen as of 11:45 GMT.
Investors are now awaiting the comprehensive US non-farm payrolls report, which details how many jobs were added by American employers last month.
This data release generally tends to have a significant impact on the dollar/yen pairing as it is known to influence the Federal Reserve and its actions regarding its monetary stimulus.
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