Yen Falls to 28-Month Low as CPI Decline Boosts Easing Prospects

28/12/2012 09:15 AST

The yen sank to a 28-month low as data showing a decline in Japanese consumer prices fanned speculation the central bank will heed government calls to step up cash infusions to end deflation.

JPMorgan Chase & Co. and Nomura Holdings Inc. cut forecasts for the Japanese currency citing stimulus plans from newly installed Prime Minister Shinzo Abe’s plan. U.S. President Barack Obama plans to meet Democratic and Republican congressional leaders today as a year-end budget deadline approaches. The won was set for a sixth weekly gain as data showed South Korea’s current-account surplus rose to a record.

“Policy expectations are behind the continuous decline in the yen because the Abe administration gives priority to measures against deflation and a stronger yen,” said Noriaki Murao, managing director of the marketing group in New York at the Bank of Tokyo-Mitsubishi UFJ Ltd. “The market tends to move in one direction with thin liquidity.”

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