Japanese yen drops to lowest in 34 years despite BOJ rate hike

TOKYO -- The yen dropped to its lowest level in 34 years early Wednesday, trading near 152 to the dollar about a week after the Bank of Japan ended its negative interest rate policy.

The rapid depreciation of the Japanese currency has increased the chances of government intervention. Some analysts are not ruling out the possibility of an earlier-than-expected rate increase to tackle the yen's drop.