The yen dropped to a seven-year low on Monday after the Bank of Japan’s latest move to keep a lid on bond yields underscored the central bank’s commitment to loose monetary policy at a time most other countries are raising interest rates.
After a succession of big declines against the dollar, the yen fell to ¥125 on Monday afternoon, breaking through a level last reached in late 2015 and prompting traders to forecast further drops.
The immediate trigger of the yen’s move below ¥123 earlier in the day was the BoJ, which offered to buy an unlimited number of 10-year Japanese government bonds (JGBs) in order to prevent the yield on the benchmark notes rising beyond the central bank’s policy target.
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