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Yen Slumps on Good Day for Asian Stocks

Yen Slumps on Good Day for Asian Stocks

The Japanese yen fell to fresh 34-year lows against the U.S. dollar after the Bank of Japan decided to keep interest rates on hold. The currency briefly spiked to 154.97 per dollar at one point, perhaps in hope that authorities may finally intervene to support the embattled yen. Not only did the BOJ dash hopes that rate hikes may be around the corner, but economic data compounded that assessment.