The yen surged Thursday after the Bank of Japan held fire on fresh stimulus measures, as fears over Britain's future in the EU pummel financial markets around the world.
Fitch on Monday cut its outlook for Japan, citing Tokyo's decision to postpone a sales tax hike seen as critical to paying down one of the world's biggest national debts.
A festival participant clad in a traditional Japanese festival costume waits for a Japanese-style pancake to be cooked at a street stall during a local festival at Namiyoke Inari Jinja shrine in Tokyo, Sunday, June 12. The shrine is located adjacent to Tsukiji Fish Market, the world's biggest and most famous fish and seafood market. Namiyoke means "protection from the waves."
The yen strengthened Friday in Asia as investors shifted into safer investments ahead of central bank meetings in the U.S. and Japan, while Britain's upcoming EU membership vote was also in focus.
Sega Toys' Art Aquarium Prisrium F18 is seen at the International Tokyo Toy Show in Tokyo, Thursday, June 9.
A tablet shows a live image from an onboard camera of Takara Tomy's Plarail Dr. Yellow at the International Tokyo Toy Show in Tokyo, Thursday, June 9.
Japan's economy expanded at a slightly faster pace than first thought, revised figures showed Wednesday, knocking hopes that the central bank will unleash fresh stimulus this month.
Japan's prime minister said Wednesday that he will delay a consumption tax hike that threatened the fragile economy, but analysts said the move highlighted his failure to spark growth.
The yen surged Wednesday as market sentiment soured on growing fears that Britain may leave the European Union and news that Japan is delaying a sales tax hike that threatens the fragile economy.
Japan's factory output fell 3.5 percent in April from the same month a year earlier, while consumer spending also edged lower, though both improved from the month before, the government said Tuesday.