Breaking: Japanese Yen drops to multi-decade lows against US Dollar, eyes on BoJ

The Japanese Yen (JPY) declined to its weakest level since 1990 against the US Dollar on Wednesday, with USD/JPY touching 160.40 during the European trading hours. 

On April 29, the Bank of Japan (BoJ) intervened in the foreign exchange (FX) market and triggered a sharp decline in USD/JPY after the pair hit 160.20. At the time of press, USD/JPY was trading a few pips above this level.

Japanese Finance Minister Shunichi Suzuki repeated earlier in the week that they will continue to take appropriate steps to respond to the declining value of the currency. Meanwhile, Japan Chief Cabinet Secretary Yoshimasa Hayashi said on Monday that excessive volatility in currency markets is undesirable and added that they will closely monitor the FX moves and take necessary steps if needed.