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