Official government announcements or major financial news outlets

Yen Plunges 25% to 160 Against USD, Weakest Since 1990; No BOJ Intervention

Apr 29, 2024, 07:03 AM

The Japanese yen has experienced a significant decline, falling by 25% against the U.S. dollar to a new low of 160, the weakest level since 1990. This drop has raised concerns about the impact on Japan's economy, particularly as only 3% of Japan's debt is in foreign currencies. The sharp fall has led to increased costs for imported goods like oil, heightening difficulties for households and businesses. Despite these challenges, the Japanese government and the Bank of Japan (BOJ) have refrained from intervening in the foreign exchange markets to stabilize the currency. Market participants and traders are closely watching for any signs of potential intervention by Japanese authorities, especially as the yen's rapid decline triggers speculation about market interventions.