Yen Crashes to Lowest Level Since 1986 Against Dollar

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The Japanese yen has fallen to its weakest point in nearly four decades. The U.S. dollar hit 161.90 yen, the highest close since December 26, 1986, according to Dow Jones Market Data.

The sharp decline comes after the Bank of Japan raised its key lending rate to 1 percent earlier this month. The move was driven by inflationary pressures following the Iran war.

Markets are now watching for fresh data. David Rosenberg of Rosenberg Research says May industrial production and jobless rate figures, both due on Tuesday, will shape expectations about how fast the BoJ will normalise policy.

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