After the Nikkei Average fell by more than ¥1,600 in the afternoon session, USD/JPY was pushed down to ¥157.33. Asian stocks also fell broadly, and the yen crosses followed the decline.
The Nikkei Average extended its decline sharply in the afternoon session, while USD/JPY widened its losses again, falling to ¥157.33. The yen crosses also declined in tandem, with EUR/JPY falling to ¥176.89 and GBP/JPY to ¥210.79.
Against the backdrop of falling equities, Asian stocks also fell broadly, with South Korean and Chinese stocks extending their declines.
The moves are viewed as being linked to the heightened risk-averse stance in the Japanese market, with selling spreading across markets amid declines in Japanese and US equities.