The Japanese yen fell in Asian trading on Thursday against a basket of major and minor currencies, extending losses for the fifth consecutive session against the US dollar and hitting its lowest level in nearly two weeks, pressured by Prime Minister Sanae Takaichis stimulus plans.

Japans new prime minister is preparing to announce a massive stimulus package aimed at supporting the worlds fourth-largest economy a move that is likely to increase pressure on Bank of Japan policymakers and delay any near-term steps toward monetary policy normalization or interest rate hikes.

Price Overview

Todays yen rate: The US dollar rose 0.4% against the yen to 152.57 its highest since October 14 after opening at 151.97 and hitting a low of 151.82.

On Wednesday, the yen ended slightly lower (down less than 0.1%) against the dollar, marking a fourth straight daily loss as investors continued assessing Takaichis potential economic policies.

New Stimulus Package

Government sources told Reuters that Prime Minister Sanae Takaichi is drafting an economic stimulus package likely to exceed 13.9 trillion yen ($92 billion) to help households cope with rising prices and inflation.

The sources added that the final size of the package is still being determined, with an official announcement expected early next month.

Japanese Interest Rates

Takaichi, a supporter of flexible fiscal and monetary policies, said Tuesday that the details of monetary policy are up to the Bank of Japan.

Economists generally believe the new prime minister will not obstruct the BOJs eventual rate hike, but most still expect the next increase to come no sooner than December.

Finance Minister Satsuki Katayama said Wednesday that close coordination between the government and the Bank of Japan is essential to ensure the effectiveness of economic and monetary measures.

The Bank of Japan is scheduled to announce its next monetary policy decision on October 30. Futures markets are pricing in roughly a 20% chance of a 25-basis-point rate hike to 0.75%.