Yen Slumps on Speculation of Additional Monetary Easing by BOJ
- Currency forecast to weaken 5% versus dollar by year-end
- Former MoF official says BOJ could ease in June or July
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The yen dropped against all of its 31 major peers on speculation of further monetary easing by the Bank of Japan as soon as next month.
Japan’s currency fell for the third time in four days versus the dollar after Reuters reported that Takatoshi Ito, a professor at Columbia University, said the BOJ could ease in June or July if inflation indicators weaken and stock prices drop. He was a deputy to central-bank chief Haruhiko Kuroda at the Ministry of Finance in 1999 and 2000. The yen was also undermined as oil climbed for a third day, damping demand for assets considered to be havens.