Yen slips to 7-year low following BOJ move
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New York
THE yen tumbled to its weakest level in almost seven years after the Bank of Japan (BOJ) unexpectedly boosted monetary stimulus, underscoring the widening gulf in monetary policy with the Federal Reserve.
The Japanese currency fell versus the US dollar for a fourth month, the longest skid since December, amid speculation reforms to the US$1.1 trillion state retirement fund will encourage flows out of the yen. The US dollar climbed to a more than four-year high after the Fed ended asset purchases that have supported the economy since 2008. A government report next week is forecast to show that the US added 235,000 jobs in October.
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