Dollar slides to fresh 18-month low vs. yen as market tests BOJ

The yen was sharply higher against its rival currencies on Thursday, with the greenback touching a fresh, nearly 18-month low against the Japanese currency, as investors continued to be confident that Tokyo will not intervene in the market.

The U.S. currency USDJPY, -0.99%  tumbled to ¥108.83, its lowest since Oct. 30 2014, a day before the Bank of Japan aggressively expanded an already massive stimulus program. That was still much lower than ¥109.79 late Wednesday in New York.

The recent weakness reflects market participants’ lack of faith in the BOJ’s negative interest-rate policy and a belief that the Federal Reserve will stand pat for some time to come, a combination that has caused the yen to go against its usual market role as a safe haven.

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