Reported 9 months ago
The Japanese yen fell below 161 against the US dollar in the morning trading session on June 28, marking a 38-year low. FXTM trading platform stated, 'The rapid devaluation of the Japanese yen may herald the start of a new financial storm.' Influenced by hawkish comments from Federal Reserve officials causing market concern about a lack of interest rate cuts in the US, the US dollar index surpassed 106. As a result of the significant interest rate difference between the US and Japan, the yen depreciated further to below 161, reaching a 38-year low. Additionally, the Chinese yuan was at 7.3061 against the US dollar, while the South Korean won fell to 1388.32 per US dollar. Similarly, the New Taiwan dollar briefly dropped to 32.59 against the US dollar, but due to exporters' demand for currency exchange at the month-end, along with support from the Taiwanese stock market, it is currently fluctuating around 32.57 and has not fallen below 32.6.
Source: YAHOO