The Japanese yen fell across the board in early Asian deals Wednesday, extending its overnight drop following the news that the Bank of Japan governor Masaaki Shirakawa would retire three weeks earlier than expected.
Shirakawa's retirement three weeks earlier than planned boosted scope of further yen selling as the new government under Shinzo Abe would appoint a governor more likely to get tough on deflation and weaken the yen.
The yen slid to 93.91 against the dollar and 127.66 against the euro, its weakest levels since May 2010. Against the Swiss franc, the yen slipped back to below the key 103.50 for the first time since August 2011. The yen also moved back to below the key 147.0 level and is poised to re-test yesterday's fresh 3-year low of 147.29 against the pound.
The yen weakened against most of the resource-linked units too, falling to fresh multi-year lows of 94.26 against the Canadian dollar and 79.38 against the New Zealand dollar. The yen, however, advanced to 96.95 against the Australian dollar as the latter fell across the board on Australia's disappointing retail sales figures.
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Forex News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.