Japanese Yen at 24-year low 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.

“CHANGE IS INCREASING”

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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