The Japanese yen continued its second day of losses yesterday as it fell 2.6% since the start of the week. Japan’s key overnight lending rate dropped to a record low in a sign the central bank’s negative rate policy is spreading to the nation’s core funding market. Factors outside of the Japanese Governments control also played a part. The trauma of the earthquakes last week meant that the Japanese tourism industry has taken its first hit since recovering from the nuclear disaster caused by the tsunami in 2011.
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