The Japanese yen traded at an eight-month low around 153 per dollar on Friday and was on track to decline nearly 4% for the week, marking its steepest decline since September last year. The currency weakened after fiscal dove Sanae Takaichi won Japan’s leadership race to become the next prime minister, fueling expectations of higher fiscal spending and loose monetary policy. Takaichi said Thursday that the Bank of Japan would set policy independently while aligning with the government’s goals, adding she aimed to avoid excessive yen depreciation, although her comments that did little to support the currency. Markets now see less than a 50% chance of a BOJ rate hike in December, with expectations shifting toward March next year. Meanwhile, data showed producer prices in Japan rose more than expected in September, further complicating the rate outlook.