Yen lost 10% in about a month near 145 against the dollar by Wednesday already, but few expect a return to 110s, where it started the year, in any foreseeable future. (Source photo by Retuers)

Investors await effective policy responses as yen tests 1998 low

Japan's lack of attractive assets contributes to capital outflow

MITSURU OBE, Nikkei Asia chief business news correspondent

September 12, 2022 06:05 JST

Updated on September 12, 2022 14:09 JST

TOKYO -- When the yen plunged to a 24-year low against the dollar late Wednesday, Japan's response the next day was neither an inter-meeting monetary policy change nor a U.S.-Japan summit, but a 30-minute or so meeting between senior bureaucrats from the government and Bank of Japan.

The market quickly dismissed the significance of the meeting, and the yen resumed its downward march.