Yen hits lowest level against U.S. dollar in over three decades, prompting speculation of Japanese intervention

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24th April 2024 – (Tokyo) The Japanese yen experienced a significant decline on Wednesday, reaching its weakest point against the US dollar since June 1990. Market participants remained vigilant for any indications of intervention by Japanese authorities to support their currency.

At the close of trading, the dollar recorded a 0.2 per cent increase, reaching 155.14 yen, marking its highest level since June 1990.

The yen’s depreciation follows a series of robust US inflation data, propelling the dollar to five-month highs. This development reinforced expectations that the Federal Reserve would not rush to implement interest rate cuts throughout the year.

The yen’s downward trajectory against the dollar has reignited speculation regarding potential currency intervention. Japanese Finance Minister Shunichi Suzuki, alongside other policymakers, has emphasized their close monitoring of currency movements and their readiness to take appropriate measures when necessary.