Yen Tumbles as Kiuchi Promises Long-Term Support

The yen has continued its decline, dropping to around 159 per US dollar on Monday. This marks a significant reversal from the gains triggered by joint intervention from the US and Japan earlier.

According to Growth Strategy Minister Minoru Kiuchi, spending plans in Japan will provide a long-term boost for the currency, pushing back against market concerns over the nation's finances.

Kiuchi stated that 'Japanese fiscal policy is not so expansionary as you think,' suggesting that the government's financial policies are more conservative than perceived.