Thanks to breaking news that Moody's placement of US Aaa government bond rating and related ratings on review for possible downgrade, the Japanese yen is extending its decline against the Greenback in early Asia.
The dollar had already been taking a beating, seen declining throughout the market after Bernanke’s testimony in Congress on Wednesday, but at the close of the American session, USD/JPY began its campaign to target lower levels, extending its decline to lows below 78.65 before bouncing slightly, last quoted in the 78.75 price zone, down from 78.98.
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