‘Bear territory” was the theme in global markets Monday, and don’t forget to include the Japanese yen on a list of biggest losers. The currency opened the week by sinking to 135 yen to the dollar, a low last seen in 1998. And look out below, since there’s no obvious brake on its descent.
We’re old enough to remember a time—two months ago—when the yen breaking through 125 to the dollar was viewed as a worry. Bank of Japan Governor Haruhiko Kuroda, a monetary dove even by Tokyo’s standards, had warned that was the point when yen weakness might start to damage the economy rather than helping it.
