Yen Falls to Lowest Level Since Bubble Era

TOKYO, Jun 27 (News On Japan) - The Japanese yen sharply declined Wednesday in the foreign exchange market, reaching the late 160s against the dollar, according to major banks. This marks the weakest level for the yen in 37 and a half years since December 1986, the start of Japan's bubble economy.

The decline followed a retreat in expectations for an early interest rate cut by the U.S. Federal Reserve (FRB) and a rise in U.S. long-term interest rates. Investors focused on the widening interest rate gap between Japan and the United States, leading to increased buying of the dollar, which offers higher returns, and selling of the yen.

Source: Kyodo

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