Reported 2 months ago
The Japanese yen reached its highest level against the U.S. dollar in seven months amid growing fears of a U.S. economic slowdown, following disappointing labor data and poor earnings from tech firms. The market anticipates a potential 50 basis point rate cut by the Federal Reserve in September, further driving up demand for the yen as investors seek safer assets amid stock market turbulence. The yen has appreciated 10% against the dollar in just over three weeks, coinciding with a recent interest rate hike by the Bank of Japan.
Source: YAHOO