Yen Near 3-Year Low as Treasury Backs Japan Stimulus Plan

The yen rallied from the weakest level since May 2010 against the dollar amid speculation Japan will slow down the introduction of stimulus measures that tend to devalue a currency.

The yen rose against all except one of its 16 major peers as the Group of Seven said in a statement it reaffirmed its commitment to market-based exchange rates. The yen also gained after North Korea conducted a nuclear test. Japan’s currency has tumbled over the past three months as Prime Minister Shinzo Abe has pressured the central bank to step up efforts to spur growth. The euro fell as economists said a report this week will show the region’s economy shrank last quarter.