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According to Bloomberg, the yen fell against more than 150 currencies, dipping to 79.24 yen to the dollar.
When it closed at 79.53 yen - the lowest seen since August 4th - it had reached its largest closing drop seen since October 2008.
Thomas Harr, head of Asian currency strategy at Standard Chartered in Singapore, asserted that Japan cannot afford to have such a strong yen.
He added that the latest movements suggested there will be a "short-term bounce in dollar-yen".
Jun Azumi, Japanese finance minister, commented: "I've repeatedly said that we'll take bold action against speculative moves in the market."
This comes after Reuters reported that the Japanese prime minister Yoshikoko Noda is expected to address the problems associated with the rising yen at the G20 summit on November 3rd and 4th.
Posted by Greg Secker
