2014.06.0907:06:14UTC+00Yen plummets as GDP growth dampens demand

The Japanese yen diminished for a second day versus the US dollar as a government report validated Japan's economy increased at the fastest pace since 2011, which weakened demand for the currency as a haven.

The local currency plunged versus all of its 16 major counterparts following a separate data displayed Japan's trade deficit constricted.

The yen dipped 0.1% to ¥102.60 per dollar as of 9:18 a.m. in Tokyo after it decreased ¥102.80 on June 4, the weakest level since May 2. Japan’s currency declined 0.2% to ¥140.02 per euro.

Japan’s economy grew an annualized 6.7% in the last three months to March, the fastest pace since the third quarter of 2011, the Cabinet Office said in its final reading, as compared to an initial reading of 5.9% growth last month. The trade deficit contracted ¥780.4 billion in April, from ¥1.1 trillion last month.

Meanwhile, the Australian dollar was slightly changed at 93.40 U.S. cents, after it profited 1.1% during the last two weeks. Australia’s financial markets are shut today for a holiday.