Reported 9 months ago
Taiwan Television News website on June 27, 2024, at 5:56 AM highlighted the recent trends in the Japanese Yen. The Yen had previously reached 160 yen against one U.S. dollar at the end of April, and the Japanese central bank had intervened significantly to support it, leading to the market believing that 160 yen was a government-set bottom line. However, on the evening of the 26th, the Yen fell below 160 in the New York trading market despite government officials' assurances, eventually dropping to 160.8, hitting a 38-year low. This news attributes the Yen's weakness to the widening interest rate gap between the U.S. and Japan, driving investors to sell Yen and buy dollars, with the U.S. Federal Reserve's comments on inflation risks fueling further Yen selling.
Source: YAHOO