The yen posted its longest losing streak in at least half a century on bets further divergence between U.S. and Japanese interest rates is inevitable.
The yen fell to the ¥128 range against the U.S. dollar in Tokyo Tuesday, marking a fresh 20-year-low after breaking the ¥127 line in New York overnight.
The Japanese currency slid against the dollar for a 12th consecutive session on Monday after Bank of Japan Gov. Haruhiko Kuroda carefully ramped up his warnings on sharp yen moves while sticking with his commitment to keep stimulating a fragile economy. The comments stood in stark contrast to hawkish remarks from Federal Reserve officials on the need for more aggressive rate hikes, which have buoyed the U.S dollar.