The yen tumbled in Tokyo trading Tuesday, logging levels in the 147 yen range for the first time in roughly eight years, bringing down stock prices and Japanese government bonds with it.
At 5 p.m. in Tokyo, the yen was pegged at 147.40-42 yen after falling past its previous low for the year of 146.75 yen. The currency's performance led traders at the Tokyo Stock Exchange to sell unpopular issues such as domestic banks, causing the benchmark Nikkei average to close lower for the seventh straight trading day.
It marked the first time since February 1996 that the Nikkei average continued its decline for seven business days. The bleak situation in Tokyo financial markets was compounded by the declines seen in other bourses in Asia, with the Hang Seng Index in Hong Kong falling below the 7,000 mark.