-- The yen fell to the weakest level since 2008 against the euro on speculation the Bank of Japan will keep its monetary policy accommodative even after it ended the world’s last negative-interest-rate policy on Tuesday.Real Estate Pain Is Showing Up in an Obscure Investment Product
“Yen is underperforming as markets interpreted the BOJ decision as a dovish hike,” said Alex Loo, strategist at TD Securities in Singapore. “We could see a convincing break above 165 on better eurozone data,” referring to the euro-yen spot rate. Investors are divided over how long it will take before the central bank opts for another rate hike. While analysts surveyed by Bloomberg are forecasting the BOJ’s policy target rate at 0.1% at the end of this year, indicating a majority doesn’t expect another rate hike as a base case, many others warned that authorities may not be finished.The yen dropped 0.2% to 164.3 per euro as of 10:25 a.m. in Tokyo. Versus the dollar, the currency was last traded at 151.2.
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