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Currencies: Dollar slips to 2-week low against yen

The yen strengthened against its rival currencies during Asian trade on Tuesday, hitting its highest level against the dollar since mid-July, as expectations receded for policy steps Tokyo will likely put together.

The greenback USDJPY, -1.29% gained downside momentum during Asian, hitting ¥104.32. The level is much lower than ¥105.81 late Monday in New York.

The euro EURJPY, -1.14% dropped to ¥114.78 from ¥116.50, while the pound EURJPY, -1.14% tumbled to ¥136.87 from ¥139.03. The Australian dollar and the New Zealand dollar were also higher against the Japanese currency.

The Nikkei financial daily reported in its Tuesday morning edition that Japan is looking to inject 6 trillion yen ($57 billion) in direct fiscal outlays into the economy over the next few years, double the amount initially planned.

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