Yen Weakens to ¥160 Per Dollar Level for 1st Time in 2 Months

The Bank of Japan is seen in Tokyo in September 20, 2023.
19:53 JST, June 26, 2024
LONDON — The yen temporarily weakened to the ¥160 per dollar level on the London foreign exchange market Wednesday, the first time in about two months since April 29, when the government and the Bank of Japan are believed to have intervened in the market.
The yen was sold against the dollar on the strength of the U.S. economy. Also behind the dollar’s strength is that expectations of an imminent cut of the U.S. interest rate were reduced by comments from a senior Federal Reserve Board official.
When the yen weakened to ¥160 level in April, the Japanese government and central bank are believed to have intervened to buy the yen and sell the dollar, and the exchange rate quickly turned around to the strengthening of the yen.
The market is becoming increasingly wary of whether intervention will take place again.
"Business" POPULAR ARTICLE
-
Tariffs to Cause ‘Short-term Bumps,’ Trump Economic Adviser Tells Fox Business
-
Bank of Japan Gov. Ueda Says ‘Uncertainty Is Quite Large’
-
Mixed Feelings as Stockpiled Rice Arrives at Stores; In Spite of Expected Short-Term Price Relief, Worries Arise about Persistent Market Problems
-
Federal Reserve Sees Tariffs Raising Inflation This Year, Keeps Key Rate unchanged
-
Bank of Japan to Keep Eagle Eye on Impact of U.S. Tariffs; Analysts Try to Predict Timing of Next Rate Hike
JN ACCESS RANKING