Yen Drops Beyond 158 Per Dollar as BOJ Keeps Key Rate Unchanged
- Finance Minister Suzuki warns on yen weakening after BOJ
- BOJ can surprise even the most dovish, Saxo’s Chanana says
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The yen fell to a fresh 34-year low against the dollar after the Bank of Japan indicated monetary policy will stay easy, heightening speculation authorities may soon intervene in the market to stop the currency’s decline.
Japan’s currency weakened as much as 1.8% on the day and touched a session low of 158.33 per dollar, with losses accelerating in late trading in New York. The declines started earlier the day, following a policy meeting from the BOJ, in which the central bank kept its key interest rate unchanged and governor Kazuo Ueda said little to support the yen during a news conference.