The yen has shed 2.6% against the greenback for the week.
It has fallen past the psychological 120-per-dollar barrier and, at 122.44, is eyeing a test of major resistance around 123.70. The Bank of Japan has also stuck, by contrast, to a dovish tone, though some traders are starting to think that, at a six-year low, the yen is plumbing some uncomfortable depths.
“Push back could also come from BoJ Kuroda.” The bond market is also putting policymakers between a rock and a hard place by bringing on a challenge to yield curve control, which if defended could further weaken the yen.
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