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Further weakening of yen unlikely: BOJ chief

Xinhua, June 10, 2015 Adjust font size:

Haruhiko Kuroda, the governor for bank of Japan, said Wednesday that the yen's depreciation against the U.S. dollar is unlikely to continue, promoting the currency to rise sharply in afternoon trading. "It is unlikely that the yen will weaken further from this point,"Kuroda told a committee of the House of Representatives, referring to its real effective exchange rate, a measure of the currency's international competitiveness.

From the point of real effective exchange rates, the yen has fallen to a historic low level. Last Friday in New York, the dollar once increased to upper 125 yen range, the highest level in 13 years.

Following the central bank governor's remarks, the dollar dropped sharply to the upper 122 yen range at one point from the mid-124 yen level around noon. Endi