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SINGAPORE —The yen sagged to fresh lows on the euro, sterling and other crosses this week and headed for a fourth weekly drop on the dollar as investors chased better yields just about everywhere but Japan, wagering rates there would stay near zero for some time.
The yen is the worst-performing G10 currency this year, with a 6.4-percent slide on the dollar. The greenback is the best performing.
For the week the yen is down 0.6 percent on the euro, touching its weakest for three months overnight at 163.45 per euro. It dropped by the same margin on sterling to hit its lowest since late 2015 at 190.83 and made nine-year nadir on the Australian and New Zealand dollars.
Yen moves against the dollar were more modest due to the risk its slide could prompt intervention in markets from Japan, with officials reminding traders they stand ready in recent days.
