Society

Japanese yen touches 120 to U.S. dollar, weakest in six years

Mar 22 (Nikkei) - The yen tumbled to 120 against the dollar on Tuesday for the first time in more than six years, as traders reacted to a hawkish remark from U.S. Federal Reserve Chairman Jerome Powell.

The Japanese currency fell as low as 120.43 in Tokyo from its 118.87 level late on Friday. The Tokyo market was closed on Monday for a public holiday.

The latest bout of selling was sparked by a comment from Powell, who said on Monday that the U.S. central bank is prepared to raise rates in larger, half-percentage-point steps if needed to combat inflation.

The yen last traded below 120 in February 2016.

It had been about 115 yen versus the greenback just three weeks ago but has come under pressure as the U.S. started raising interest rates. The Bank of Japan, meanwhile, is sticking to its ultra-easy monetary policy, making the yen less attractive against the dollar. ...continue reading

Source: テレ東BIZ

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