The yen plunged to its lowest level against the US dollar since August 1998 on Tuesday as leveraged funds in Europe and the US resumed bets that the Bank of Japan’s ultra loose monetary policy would continue.
After a comparatively calm morning, the yen began to drop sharply in the afternoon, plunging past the Y141/$ line to hit a new 24-year low of Y141.81/$.
Traders in Tokyo said the trigger for the yen’s breakout was the Reserve Bank of Australia’s announcement of a half-percentage-point increase in interest rates and the accompanying signal that the central bank was still not finished with its monetary tightening cycle.
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