Yen drops past 160 to fresh 34-year low against the dollar

TOKYO — The Japanese yen briefly dropped past 160 to the U.S. dollar on Monday morning, marking another fresh 34-year low against the greenback.

The slide comes after the Bank of Japan on Friday stood pat after a two-day monetary policy meeting. At a press conference following the meeting, Gov. Kazuo Ueda said the weak yen has “no significant impact on underlying price inflation” — a comment that led market players to expect no rate hikes any time soon.