Yen Drops After Japan GDP Shrinks Most Since 2011 Quake
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The yen weakened against most of its major counterparts after data today showed Japan’s economy contracted in the third quarter at the fastest pace since last year’s record earthquake.
The Japanese currency halted three days of advances versus the euro after Bank of Japan Governor Masaaki Shirakawa signaled the central bank remains distant from its 1 percent inflation target, fanning speculation that policy makers will expand stimulus. The euro rebounded from near a two-month low against the greenback after Greek Prime Minister Antonis Samaras secured support from a majority of lawmakers for the 2013 budget needed to unlock international bailout funds.