The yen's poor showing against the euro continued this morning despite a slight rise, with analysts not too optimistic about the Japanese currency's performance.
This morning the euro was trading at 161.90 yen, Reuters reported, after reaching a record level of 162.43 yen yesterday following the Group of Seven (G7) meeting over the weekend.
According to Reuters, which cited Tokyo-based Bank of America economist Tomoko Fujii as describing G7 as "a non-event", the meeting's officials have "glossed over" the yen's recent weak performance.
Currency analyst Yuji Kameoka told Bloomberg that the losses experienced by the yen over recent weeks "were clearly overdone" and that the Bank of Japan could be expected to hike interest rates at least twice in the next 12 months.
However, it is not expected that the slight rise in the yen would signal a turnaround for the currency.
Masaki Fukui of the foreign exchange department at Mizuho Corporate Bank told Reuters that the yen is "largely expected to slide further", India's Economic Times reported.
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