Confidence in yen not lost despite weakness: BOJ chief

Economy

The yen's recent sharp depreciation against the U.S. dollar "does not mean market confidence in the Japanese currency has been lost," Bank of Japan Governor Haruhiko Kuroda said Friday. A strong U.S. economy and rising Treasury yields have lifted the dollar against the yen, with demand for the dollar also strong among Japanese importers for settlement purposes, Kuroda told a parliamentary session after the U.S. currency rose to 122.41 yen overnight, its highest level in over six years. Market analysts say the yen has been falling amid the prospect of a divergence in monetary policy between the...

Kyodo News

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