Yen Plummets to 7-Year Low

The Japanese yen dropped to a new seven-year low, all the way down to the psychologically important 120 mark against the greenback.

In New York on Thursday the yen tumbled to as low as 120.25 to the dollar at one point in trading, before pulling back to close at 119.78.

The Japanese currency has been on a downward spiral for months, especially after the Bank of Japan announced new stimulus measures in October. It has fallen over 13 percent against the greenback so far this year.

The yen also fell 0.7 percent against the euro on Thursday.

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