Yen Weakens Past 105 Per Dollar on Policy Outlook; Aussie Drops
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The yen weakened beyond 105 per dollar for the first time since October 2008 on speculation the Bank of Japan will keep easing monetary policy to sustain a recovery as the Federal Reserve pares its debt purchases.
Japan’s currency headed for a nine-week drop, the longest loss since February, after data yesterday showed initial U.S. jobless claims fell more than economists forecast. It slid to a five-year low against the euro as Asian stocks rose for a ninth day, reducing the appeal of the yen as a haven. The majority of analysts polled by Bloomberg News see the BOJ increasing bond buying by June next year. Australia’s dollar was set for a 10th weekly decline, the longest streak in more than three decades.