Dollar drops to 15-year yen low as IMF talks stall

The battle on the currency markets continues to rage as the US dollar weakened against a basket of currencies and fell as low as 81.37 yen, before recovering to 81.99.

The issue was hotly debated at the IMF annual meeting in Washington, attended by finance ministers and central bankers from 187 countries but it broke up without any resolutions. China accused the US of destabilising emerging markets by allowing ultra-loose monetary policy to flood the emerging world with money. The US on the other hand lashed out over China's exchange rate policy and reserve accumulation of foreign currency.

David Jones from IG Index told the BBC that the outcome of the IMF meeting was no surprise.