The yen fell to its lowest level against the British pound in nearly 16 years, reigniting devaluation concerns that have plagued policymakers this year. The latest drop comes as carry traders flock to currencies such as the British pound to earn extra returns. The yen is the world's lowest-interest currency, and currencies such as the British pound offer much higher yields. The yen has fallen across the board against G-10 currencies this year. Japanese authorities are suspected of intervening in the market twice since the end of April to support the yen. Although the Bank of Japan has raised interest rates once and will do so again, investors say Japan's monetary policy is still too loose to prevent the yen from falling.