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Japan’s Yen Surges After Sinking To Lowest Level Against Dollar

Japan’s Yen Surges After Sinking To Lowest Level Against Dollar

The Japanese yen has experienced a wide surge in trading after sinking to a 34-year low against the United States dollar.

The yen on Monday sank to 160.17 per dollar, the lowest since April 1990, as there were rumors that the Japanese government probably stepped in to intervene.

Later in the day, the Japanese currency moves up to 155.01.

Officials in Japan, which is marking a public holiday, did not confirm an intervention by authorities.

Since early 2021, the yen has been on a continuous slide as the Bank of Japan (BOJ) has maintained ultra-low interest rates while the US Federal Reserve and other central banks have hiked borrowing costs.

The downward movement has continued in recent weeks despite the BOJ raising interest rates last month for the first time in 17 years as expectations of interest rate cuts in the US fade amid above-target inflation.

Although the downward spiral has been profitable for Japanese exporters and tourists, it has commanded a significant increase in the prices of imported goods.

Japanese officials have repeatedly stated that they are prepared to step in to prevent sharp movements in the exchange rate, so maybe that was what happened.

On Friday, the Japanese central bank kept its benchmark rate unchanged at 0 to 0.1 percent.

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