TOKYO -- When Haruhiko Kuroda predicted on March 18 that a big decline in the yen was unlikely, the Japanese currency was at 119 to the U.S. dollar. On March 28, it fell below 125 for the first time in seven years.
The weakness was not just an indictment of the Bank of Japan governor's forecasting abilities. It has significantly complicated monetary policymaking, and has some predicting that a pillar of BOJ policy may need to be adjusted.
