Yen Falls More Than 1% as BOJ Is Said to See Little Need to Act

The yen weakened more than 1% after a report that Bank of Japan officials see little urgent need to address the side effects of their yield-curve control program at this point.

(Bloomberg) — The yen weakened more than 1% after a report that Bank of Japan officials see little urgent need to address the side effects of their yield-curve control program at this point.

The Japanese currency dropped 1.2% to 141.78 per dollar as of 9:19 a.m. London time as speculation further eased on the prospect of a policy adjustment at the central bank’s monetary policy meeting next week.

The move extends the yen’s fourth day of declines and comes after Governor Kazuo Ueda indicated earlier this week that it would take a shift in the bank’s assessment of stably achieving its inflation target to change its stance of continuing with persistent monetary easing.

Japanese government bond futures surged while contracts for the Nikkei 225 stock gauge rose as much as 1.2%.

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