Japanese 1,000 yen, 5,000 yen and 10,000 yen banknotes arranged in Kyoto, Japan, on Thursday, Nov. 2, 2023. The contradictions in Japan’s efforts to protect the yen while slowing the pace of rising bond yields are becoming increasingly clear in currency and debt markets. Photographer: Kentaro Takahashi/Bloomberg via Getty Images
Kentaro Takahashi| Bloomberg | Getty Images
The Yen hit a 34-year-low on Wednesday, weakening as much as 151.97Â against the U.S. dollar and fueling market questions over potential government intervention to prop the Japanese currency.
The Yen was last at 151.22 against the dollar at 10:19 a.m. London time after paring back some losses.
The Japanese currency struck its previous record low at the tail end of last year, when it declined to 151.95 against the dollar in October 2023.
Japanese Yen
The currency’s weakness has indicated to many investors that Japanese policymakers could step in to strengthen the besieged currency. Japan’s finance minister Suzuki Shunichi has indicated that measures to “respond to disorderly FX moves” were not off the table.
This is a developing story, please check back for updates.
Source Agencies
