Yen Drops Toward 100 Per Dollar

Currency weakens on BOJ Governor Kuroda’s comments and the G-20’s lack of opposition to Japanese policies.

The yen weakened, falling toward 100 per dollar for the first time since April 2009, after Bank of Japan Governor Haruhiko Kuroda said he was emboldened to press ahead with a campaign to defeat deflation.

Japan’s currency dropped against 14 of its 16 major counterparts after the Group of 20 offered no opposition to the central bank’s monetary stimulus policies at a meeting last week in Washington. Sweden’s krona strengthened after Riksbank Deputy Governor Lars E.O. Svensson said he will leave the central bank after failing to get support for deeper interest-rate cuts. The euro rose for a third day versus the yen after Giorgio Napolitano was re-elected to a second term as Italian president.

Krona Strengthens

The krona appreciated against all 16 of its major counterparts after Svensson said he would step down when his term expires next month.

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