Yen Plunges to New Lows Amidst US Dollar Surge

The Japanese yen is on track to experience its largest weekly decline since May, despite Tokyo's efforts to stabilize the currency.

New 40-year lows against the dollar have been reached by the yen in this turbulent stretch, with some analysts suggesting that even intervention would only provide policymakers a short-term reprieve from the structural forces driving the currency down.

The U.S. Treasury Department has weighed in, calling for the Bank of Japan to raise interest rates more quickly to alleviate excessive currency volatility.