Yen slides to fresh lows as Japan authorities stick to sidelines
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The yen weakened to a fresh 38-year trough against the dollar and a record low against the euro on Wednesday. Japanese authorities have been largely quiet on the yen this week, with Finance Minister Shunichi Suzuki only commenting on Tuesday that moves were being watched vigilantly. Atsushi Mimura took over as the ministry of finance's currency czar on Monday, replacing Masato Kanda. Analysts have also pointed to the increased possibility of a second Donald Trump presidency as having an impact on the yen. The dollar index strengthened 0.1% to 105.78. Euro zone inflation eased last month, but a crucial services component remained stubbornly high. The euro edged 0.07% lower to $1.0739. Sterling held its ground at $1.2680. The Australian dollar rose 0.11% to $0.6675. China's yuan slipped to an eight-month trough in offshore trading. The yuan fell as low as 7.3114 per dollar for the first time since Nov. 3, 2023.

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