The yen teetered on the edge of a historic support barrier on Thursday after trading in New York sent the Japanese currency to a 20-year low against the dollar and revived speculation that its fall could deepen.
By noon, the yen stood at ¥134.45 against the dollar, bringing it closer to the ¥135.15 level it reached during the turmoil of Japan’s 2002 banking crisis.
The yen began its descent in March, crashing out of the tight range it had occupied for the previous six years as a result of the Bank of Japan deciding against tightening monetary policy.
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