Yen Declines to 7-Year Low on BOJ Monetary Easing
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The yen slumped to the weakest level in almost seven years versus the dollar after the Bank of Japan unexpectedly increased monetary stimulus that tends to devalue the currency.
Japan’s currency slid as much as 3 percent, the most since the central bank first expanded stimulus in April 2013. At the end of a week in which the Federal Reserve took the opposite route and concluded its asset purchases, a gauge of the dollar against major counterparts rose to four-year high. The euro fell to a two-year low. An interest-rate increase in Russia couldn’t stop another plunge by the ruble. The real tumbled.