Yen Touches Lowest Since 2010 Amid Bets on BOJ Easing
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The yen touched the weakest level versus the dollar since June 2010 on bets Japanese Prime Minister Shinzo Abe will select a central-bank chief who will expand monetary easing, accelerating the currency’s decline.
Japan’s currency slid beyond 120 per euro for the first time since May 2011 after Abe, whose government said last week it will increase stimulus spending, said he wanted someone “who can push through bold monetary policy” as the next Bank of Japan governor. The BOJ meets next week. The euro reached its highest in 10 months versus the greenback. It remained stronger as Federal Reserve Chairman Ben S. Bernanke said the central bank is monitoring the effects of its monetary stimulus.