The yen fell more than 1% against the dollar in the foreign-exchange market on the 18th, briefly reaching the ¥158 range. The decline is seen as having been driven by waning expectations for a faster pace of Bank of Japan rate hikes.
The yen weakened further in the foreign-exchange market on the 18th, falling more than 1% against the dollar. It traded around ¥157.88, down approximately 1.9% from the New York market's closing level.
The yen fell as low as ¥158.05 at one point, marking a pronounced decline against the dollar.
The move has been attributed to waning expectations for a faster pace of Bank of Japan rate hikes following a dissenting vote on the rate increase and Governor Ueda Kazuo's press conference.