The Yen fell against all the major currencies during yesterday's trading session. The Yen lost about 200 pips against the Euro and about 150 pips against the Pound. The Yen dropped against the Dollar as well.
The main reason for the Yen's slide is the higher demand for riskier assets in the market. Over the past two days stock markets around the globe have rallied, and as a result risk-appetite has increased. The Yen is considered to be a relatively safe asset, and as a result, the higher risk-appetite has turned investors to close their long positions on the Yen.
The Bank of Japan (BoJ) has decided to leave Interest Rates at 0.10%, the lowest level in the industrialized world. One of the main reasons that the BoJ keeps low Interest Rates is to weaken the Yen in order to support Japanese exports.
As for today, traders are advised to continue following global stock markets as they seem to have a large impact at the moment. If stocks will continue to rally, the Yen might see further bearishness.