Speculation that the Bank of Japan will maintain its ultra-low interest rates had investors abandoning the yen in favour of other major currencies including the euro and the dollar. The yen declined 0.5 percent to 129.64 per euro at 8:07 a.m. in New York, from 129 yesterday. JapanÃ¢â‚¬â„¢s currency slid 0.5 percent to 90.42 per dollar, from 89.96. The euro dropped 0.5 percent to 1.4953 Swiss francs, from 1.5020. The euro was little changed at $1.4337, compared with $1.4338.
Ã¢â‚¬Å“The Bank of Japan said that it will maintain an accommodating monetary policy,Ã¢â‚¬Â said David Deddouche, currency strategist at Societe Generale SA in Paris. Ã¢â‚¬Å“The yen is suffering.Ã¢â‚¬Â