Yen-dollar exchange rate surpasses 160 yen intraday

Yen-dollar exchange rate surpasses 160 yen intraday. April. 30, 2024 07:50. by 도쿄=이상훈 특파원, 홍정수 기자 sanghun@donga.com.
The yen-dollar exchange rate surpassed 160 yen intraday as the value of the Japanese yen sharply declined on Monday, marking the highest level in 34 years since April 1990.

In the Asian foreign exchange market, the yen-dollar exchange rate surged to 160.245 yen this morning before plummeting to the 155 yen range in the afternoon. Kyodo News reports suggest that the Japanese government and the Bank of Japan (BOJ) may have intervened to stabilize the exchange rate. Additionally, the won-yen exchange rate dropped to 864.16 won per 100 yen, reaching its lowest level in over five months. When the yen's value decreases, the yen-dollar exchange rate increases, while the won-yen exchange rate decreases.

The sharp decline of the yen since January can be attributed to the wide interest rate gap between the United States and Japan. Notably, the yen-dollar exchange rate surged following the BOJ's decision to maintain the base interest rate at its financial policy meeting on Friday. On Sunday, the Financial Times highlighted that a robust dollar could weaken Asian currencies overall, potentially fueling global inflation and heightening the debt repayment burden for emerging countries.