Yen on Brink as Dollar Soars to Weekly Gain

The yen is on track for its biggest weekly decline since May, despite Japan's efforts to stabilize the currency. The Bank of Japan has made verbal commitments to support the yen, but so far, these efforts have had limited effect.

Analysts believe that even intervention would only provide policymakers with temporary relief and not fundamentally alter the structural forces driving the yen's weakness.

The U.S. Treasury Department has joined calls for the BOJ to raise interest rates, warning of excessive currency volatility.