Japan's yen falls to its weakest since 1990 against the dollar
NEW YORK (AP) — Some of the world’s wildest action in financial markets is roiling around the Japanese yen.
The value of Japan’s currency has tumbled so much that for a moment on Monday it took 160 yen to equal $1. A few years ago, it took closer to 100 yen to make a U.S. dollar. The yen has been so weak that it’s back to where it was in 1990, shortly after Japan’s famous “bubble economy” burst.
After it briefly touched the 160 yen level in overnight hours for traders in New York, the value of a dollar quickly shifted back to 156 yen by midday Monday on the East Coast. Such sudden moves can happen in the foreign-exchange market, which can be notoriously volatile. Trading may also have been jumpy because of a holiday in Japan that kept its stock market closed. But the speed and degree of the yen’s swings raised speculation about whether Japanese officials were making moves to prop up the value of their currency.
Related articles
King and Queen jet back to London for public
King Charles has arrived in London ahead of his return to public-facing duties, as his medical team2024-05-01Top 10 earners of 2023 all domestic films, Hollywood's appeal weakening
by Xinhua writer Zhang YunlongBEIJING, Dec. 19 (Xinhua) -- As a cold wave sweeps through, the percei2024-05-01Exhibition on Caravaggio works receives 80,000 visitors in Shanghai
SHANGHAI, Jan. 16 (Xinhua) -- The art exhibition "Caravaggio. Wonders of the Italian Baroque" has re2024-05-01Highlights of Hangzhou Asian Games
(Global Times) 08:48, September 21, 2023Highlights of Hangzhou Asian Games. Graphic: Feng Qingyin/GT2024-05-01Jofra Archer picked by England for T20 World Cup after cruel run of injuries
Jofra Archer was selected in England’s provisional squad for the T20 World Cup on Tuesday, setting u2024-05-01China's local 'two sessions' convey confidence in 2024 economy
As provincial-level governments across China unveil their gross domestic product (GDP) targets for 22024-05-01
atest comment