Yen Surges Past 157 Per Dollar Amid Japan's Firmer Currency Stance

The yen surged past 157 per dollar on Wednesday as Japanese officials signaled a firmer stance on currency depreciation.

The yen outperformed every other Group-of-10 currency, advancing by as much as 0.6% to 156.38 before easing to 156.97 by 3:45 p.m. in Tokyo.

Japanese officials have sharpened their language on the exchange rate in recent days, with Atsushi Mimura saying that Japan's prime minister and finance minister, along with the U.S., had recently delivered a clear message about currency depreciation.

The change in tone has added another consideration for currency traders after a long period in which low Japanese borrowing costs made the yen a popular funding currency.