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The yen fell against most of its major counterparts as Bank of Japan officials signaled they’ll keep acting to stem its strength to spur economic growth. The Bank of Japan is “committed” to monetary easing, Governor Masaaki Shirakawa said yesterday in a speech in New York. Deputy Governor Kiyohiko Nishimura said the central bank is ready to implement additional easing if necessary. Japan had a trade deficit of 82.6 billion yen ($1 billion) in March, versus a revised surplus of 29.4 billion yen in the previous month, data showed today. The prediction was for a 223.2 billion-yen shortfall.
Europe’s shared currency fluctuated versus the dollar after yields on Spanish 10-year benchmark bonds and French five-year debt increased at auctions. Spain sold 2.54 billion euros ($3.33 billion) of two- and 10-year securities today and France raised 10.5 billion euros in debt out of an 11 billion-euro goal. The yield on the 10-year Spanish note was 5.743 percent, compared with 5.403 percent when it was last sold in January. France’s five-year notes yielded 1.83 percent, up from 1.78 percent on March 15.
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