The Japanese yen climbed against major counterparts Tuesday, as investors shed bearish holdings overnight.
Analysts noted the move was ignited by remarks from Koichi Hamada, key economic adviser to Prime Minister Shinzo Abe, saying the currency was excessively weak versus the greenback.
Against the euro and the US dollar, the yen closed at ¥126.98 and ¥120.68, respectively.
The currency rebounded following the Bank of Japan implied the benefits of its stimulus program was widening, damping bets of more easing in the near future.
The material has been provided by InstaForex Company – www.instaforex.com