YEN 120!

The Japanese yen just broke 120 against the US dollar.

This the first time since July 2007 that the yen has fallen below 120 against the dollar.

Over the last two years, the yen has lost nearly half of its value against the dollar as Japan has embarked on aggressive monetary easing in an effort to boost its economy, which has been mired in mediocrity for the last two decades.

This latest leg lower for the yen comes amid a volatile morning in the currency markets, with the euro surging against the dollar as European Central Bank president Mario Draghi holds a press conference to discuss the ECB's latest monetary policy decision.

Here's the chart.