forexsq - The yen rallied from near its weakest level in almost seven months after Bank of Japan (8301) Governor Masaaki Shirakawa said the main opposition partyâ€™s proposals to aggressively weaken the currency are unrealistic.
The Japanese currency rose versus all but one of its 16 major counterparts as the BOJ refrained from adding to measures that tend to debase the currency. Shinzo Abe, favored in polls to topple Japanâ€™s prime minister in Dec. 16 elections, helped drive the yen lower in the past four days by calling for unlimited easing and restrictions on central bank independence. The euro weakened after Moodyâ€™s Investors Service cut Franceâ€™s rating, renewing concern that Europeâ€™s debt crisis will deepen. forex