The yen fell into the 154 range against the U.S. dollar on Monday in New York for the first time in nearly 34 years on receding expectations that the U.S. Federal Reserve will cut interest rates soon amid signs of persistent inflation.
The Japanese currency depreciated to a level last seen in June 1990.
Investors have been selling the yen for the dollar amid the wide rate differential between Japan and the United States, as their central banks have been pursuing divergent ultraloose and tight monetary policies, respectively.
