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Japanese Yen at 1998 levels against US Dollar!

The Japanese government announced that it is watching market movements with "high caution" against the Japanese Yen, which continues to depreciate against the US Dollar. According to the latest report...

Japanese Yen at 1998 levels against US Dollar!

The Japanese Yen has lost its biggest value in 24 years against the US dollar. The last time it saw the 139 Japanese Yen band in September 1998, 1 dollar crossed the 140 Japanese Yen level this morning.

"I have the impression that the recent fluctuations have increased somewhat," Japanese Finance Minister Suzuki Shunichi said at a press conference, regarding the depreciating Japanese Yen.

Suzuki, who warned that "extreme volatility and erratic movements in exchange rates may have a negative impact on economic and financial stability," emphasized a possible move.

Noting that the government is monitoring money market movements with "high caution", Suzuki said that they will take the appropriate action when necessary, in communication with the financial authorities of other countries.

"We don't want sudden fluctuations"

Chief Cabinet Secretary Matsuno Hirokazu stated that the market trends are carefully monitored and said, "The stable stance of the exchange rates in direct proportion to the economic principles is important."

Noting that sudden fluctuations are undesirable, Matsuno said, "Variability is increasing and the government is following market developments closely and with high urgency." used the phrases.

The weak Japanese yen has been described as a "double-edged sword". Because it helps Japanese exporters to increase their overseas profits, while increasing their energy and raw material import costs.


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