Japanese Yen Sets New Record Low Against US Dollar
This photo illustration shows a person counting out Japanese 10,000 yen banknotes (75 USD) in Tokyo on June 8, 2022
TOKYO, (Sputnik) – The exchange rate of the yen, the Japanese national currency, fell to 148.6 against the US dollar on Monday, a low last recorded in 1990.The yen has been in steady decline since the summer. The decline accelerated in September, prompting the government to intervene after the exchange rate reached 145.9 to 1 and buy out 2.8 trillion yen ($19.6 billion), a record amount for a single intervention.The Japanese national currency responded by recovering to 140 per US dollar briefly but falling again within a few days.The exchange rate this past Friday was 147 yen against the US dollar. Japanese experts now expect another government intervention.The yen’s decline is largely attributed to differences between the Japanese and US central banks’ monetary policies. Where the US Federal Reserve increases its benchmark interest rate, the Bank of Japan keeps it negative.
