The yen hovered at multi-year lows against the dollar and euro early on Wednesday as the market cautiously waited to see what the Bank of Japan would say about the country’s slide into recession.
The dollar fetched 116.84 yen, having climbed as far as 117.065 overnight, a high not seen since Oct. 2007. The euro scaled a six-year peak of 146.69 yen, before stepping back slightly to 146.53.
The Japanese currency has been on the backfoot after data on Monday showed the Japanese economy unexpectedly shrank for a second consecutive quarter, raising questions about the effectiveness of Prime Minister Shinzo Abe’s policies.
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