The Bank of Japan's (BOJ) hope for the yen to trade lower against the dollar has been met, but not until its value has shrunk to a 24-year low.
For now the Yen is trading below the psychological level of 140 Yen against the dollar, the lowest record for the Japanese currency since August 1998.
The main factor for the depreciation of the yen is because the dollar continues to strengthen as the published labor report is seen as good, in addition to the forecast of an aggressive rate hike by the Federal Reserve (Fed).
The BOJ's decision to keep interest rates too low to support economic recovery also added to the yen's weakening against a number of other major currencies.
Back to the original headline, the uncontrollable depreciation of the Yen has forced the intervention of the Japanese government as Finance Minister Shunichi Suzuki said his team would 'deal' with the issue immediately.
Suzuki comments that excessive and irregular currency depreciation can have a negative impact on the economy and financial conditions.
However, analyst Dwyfor Evans of State Street Global Markets said efforts to save the Yen 'will not bear fruit' given that there is too large a gap in interest rates between Japan and the rest of the world.
Meanwhile, the strengthening of the dollar was also felt by the Pound when its value dropped 5% for the first time since October 2015.
