Yen Slumps To New Low As Bank Of Japan Unveils Stimulus Plan

The Early Economist

The yen fell 1pc to 98.57 per dollar after reaching 98.95, the weakest since June 2009. The latest decline came after the yen last week tumbled 3.4pc, the biggest drop in more than three years.

Weighing on Japan’s currency is the massive stimulus drive adopted by the central bank. Last week, the bank made a drastic shift in monetary policy as it pledged to double the amount of money in circulation in its latest attempt to banish deflation and spur growth.

On Thursday, the bank announced it would launch a “a new phase of monetary easing both in terms of quantity and quality” and double the money supply by between 60 trillion yen and 70 trillion yen (£417.6bn to £487bn) a year to push prices higher and achieve a 2pc inflation target at the “earliest possible time.”

Haruhiko Kuroda, Japan’s central bank governor, said at the time that the bank would continue…

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