Yen Weakens Past 100 Per Dollar for First Time in Four Years
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The yen weakened beyond 100 per dollar for the first time in four years as the Bank of Japan’s deflation-fighting measures have the currency headed for its longest streak of monthly losses in almost two decades.
Japan’s currency has dropped 3.5 percent since April 4 when BOJ Governor Haruhiko Kuroda outstripped economist forecasts by pledging to double monthly bond purchases and scoop up longer-term debt to reach a 2 percent annual inflation goal. The currency last traded at 100 on April 14, 2009.
Honda Motor Co. and Mazda Motor Corp. (7261) forecast higher profits this fiscal year and the Topix index of shares posted its longest rally since 2005 as Prime Minister Shinzo Abe’s Liberal Democratic Party swept to power in December on a campaign to take unprecedented economic stimulus measures to end 15 years of deflation. The yen’s 13 percent plunge this year, the most among major currencies, has spurred complaints from trading partners concerned it will cost their exporters market share.
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