China’s renminbi continues its rise

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The yen goes back into retreat

The Japanese yen hit a two-and-a-half year low against the U.S. dollar today on news that Masaaki Shirakawa, the governor of the Bank of Japan, is stepping down from his post on March 19, a month early. That will give Prime Minister Shinzo Abe an earlier than expected chance to put a candidate committed to his strategy of weakening the yen in control of Japan’s central bank.