USDJPY: The Japanese Yen continues to fall sharply as Tokyo

With the EUR/JPY exchange rate at 160.80, the 2008 peak, and the USD/JPY exchange rate at 150.75, the yen is continuing its downward spiral to a new low throughout the day. This occurred when Tokyo dispelled any rumors that it was still protecting the price by confirming that it did not interfere in the currency markets in October.

The BOJ doesn't seem to be planning to become involved in the yen today, therefore it looks like the currency will perform as expected. Tokyo's attempts to defend its currency could backfire given all of the BOJ's recent dovish actions.