The Japanese currency, the yen, has fallen to a multi-decade low once morest the US dollar.
According to Reuters, the Japanese currency, the yen, has fallen to its lowest level once morest the US dollar in the last 34 years, despite the announcement by the Bank of Japan to raise interest rates.
On Wednesday, the dollar hit 151.975 yen, the lowest level of yen stability since the mid-1990s. Earlier, the yen had last touched 151.19 once morest the US dollar.
Japan’s top financial officials called a key meeting to discuss the rapidly weakening currency, saying they were prepared to intervene in market trading to shore up the currency.
Japan raised interest rates this month for the first time since 2007, a historic shift in the financial system, but the move proved insufficient to stabilize the yen’s falling value. Interest rates in Japan are still quite low compared to other countries.
The yen was around 115 to the US dollar before the Russian invasion of Ukraine, but has continued to weaken significantly over the past two years.
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2024-04-21 12:50:42