The yen could remain under downward pressure for some time amid concern over economic and corporate earnings prospects in Japan.
There is speculation that the Japanese government is committed to a weak-yen policy and that the Bank of Japan is leaning in favor of buying foreign securities to funnel more money into the banking system, a scenario typically bearish for the yen.
Indeed, as indicated by highly placed government officials, the yen's depreciation is now widely considered to be in Japan's national interest.
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