The currency held
losses against all major peers and bond yields dropped to fresh records
on Monday after Kuroda unexpectedly announced a negative interest-rate
strategy on Friday, setting off the yen’s biggest drop against the
dollar since October 2014. The move hammered hedge funds and other large
speculators that had built up the most bullish yen position in almost
four years as a rout in global stocks spurred demand for havens.
The yen fell 0.2
percent against the dollar to 121.33 as of 9:01 a.m. in Tokyo after
slumping as much as 2.3 percent on Friday to 121.69, its lowest since
Dec. 18. The currency closed down 1.9 percent at 121.14 on Friday, its
biggest daily decline since October 2014 when the BOJ surprised markets
by expanding its stimulus. The yen fell 0.7 percent in January.
Source : Bloomberg
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