Friendless yen faces third straight week of decline - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The yen was headed for its worst week in two years on Friday, pummelled by Japan’s rising import costs and low interest rates, while commodity currencies were set for a second consecutive weekly gain on the dollar as export prices remain elevated.

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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