Business | Sep 02

Yen sinks to new 24-year low against dollar

The yen plunged to a new 24-year low against the dollar on Thursday as Japan sticks with its long-standing monetary easing policies in contrast to tightening by the U.S. Federal Reserve.

One dollar was more worth more than 140 yen for the first time since 1998 in European afternoon deals, as the greenback also strengthened against other currencies.

The yen has been falling against the dollar from around 115 in March, prompting analysts to point to the possibility of government intervention.

The steep decline has mainly been driven by the differing approaches of the Bank of Japan and other central banks including the Fed, which have raised interest rates to tackle soaring inflation fueled by the Ukraine war. ...continue reading

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