Asian session: The yen dropped by the most in three years against the dollar

00:30 Australia Private Sector Credit, m/m September +0.5%

The yen dropped by the most in three years against the dollar as Japan stepped into foreign-exchange markets to weaken the currency for the third time this year after its gains to a postwar record threatened exporters. “I’ve repeatedly said that we’ll take bold action against speculative moves in the market,” Japanese Finance Minister Jun Azumi told reporters today after the government acted unilaterally. “I’ll continue to intervene until I am satisfied.”

The Australian dollar fell against its U.S. counterpart amid prospects that ebbing price pressures will allow Reserve Bank of Australia Governor Glenn Stevens to cut interest rates as soon as tomorrow’s policy meeting.

The so-called Aussie declined against 14 of its 16 major peers as investor demand for riskier assets abated before a report forecast to show business activity in the U.S. weakened. The Australian and New Zealand dollars rallied against the yen as Japan intervened to weaken its currency.

EUR/USD: on Asian session the pair fell, being corrected after significant growth on Thursday.

GBP/USD: on Asian session the pair weakened.

USD/JPY: on Asian session the pair gain.