Yen Slides After Report on Takaichi Caution Over Rate Hikes

The yen extended declines on Tuesday after local media reported that Japanese Prime Minister Sanae Takaichi voiced apprehension over more rate hikes in a meeting with Bank of Japan Governor Kazuo Ueda last week.

The Japanese currency fell as much as 1.1% against the dollar to 156.28, underperforming all of its Group-of-10 peers. Takaichi took a “tougher stance” than in their previous meeting in November, the Mainichi newspaper reported, citing unidentified people. The yen was back around 155.92 in London trade.