Yen plunges to a 20-year low
The yen dropped more than 10% against the dollar in seven weeks. The yen fell further on Thursday when the Governor of the Bank of Japan Haruhiko Kuroda doubled down on his ultra-easy settings with plans for fixed-rate bond purchases every day to keep yields in check.
However, the extreme moves in the yen triggered an official from Japan's finance ministry to comment the move in the yen past the 131 mark, warrants extreme concern. But so far, policymakers have only made verbal interventions. Until Japan decides to sell some of its gigantic foreign currency reserves to buy the yen, (or change its policy), it is clear for investors that the yen will remain an easy target to sell.
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