TOKYO: The yen continued its steep descent on Tuesday , reaching a 15-year low to the euro, as the implications of a steadfastly dovish Bank of Japan kept foreign exchange markets busy engaging in so called 'carry-trades'.
The euro was steady at 150.965 yen after earlier touching 151.03 for the first time since September 2008. "The sign that the BOJ is not going to change its negative interest rate policy any time soon gave the green light for speculators to put yen carry trades back on," said Naka Matsuzawa, chief Japan macro strategist at Nomura Securities.also gave more confidence to investors over the outlook for the dollar, Matsuzawa said.
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