Yen weakness raises risk of broader Asian currency depreciation
The Japanese Yen’s weakness has contributed to Japan’s inflation problem and raised the risk of broader depreciation of Asian currencies.
The US Treasury Secretary noted that many Asian currencies, including the Won and Yuan, track the Yen.
The USD/JPY is down 0.04% on the day at 157.65, amid concerns of excess volatility in the Korean won and potential undervaluation of the Chinese RMB.