TOKYO/BOAO, China -- As the Japanese currency depreciated to its lowest point in 34 years against the dollar on Wednesday, one less conspicuous factor contributing to yen-selling pressure involves the People's Bank of China's daily central parity rates.
The yen sank to 151.97 against the dollar in Tokyo on Wednesday, its weakest since 1990. Yen selling first intensified around 10 a.m. Japan time. Bank of Japan policy board member Naoki Tamura delivered a speech seen as cautious toward normalizing monetary policy.
