The yen hit a 38-year low as the market lost confidence in the Bank of Japan’s commitment to tightening and was little impressed by vague assurances from a government official about intervention.
“The lack of intent to tighten policy in any meaningful way has encouraged the market to drive down the value of the yen,” said Jason Wong, a senior markets strategist at BNZ Markets.
“It’s fair to say that the BOJ's policy stance is contributing to yen weakness.”
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