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Yen drops to 155 range, new 34-yr low against U.S. dollar

Yen drops to 155 range, new 34-yr low against U.S. dollar

The yen weakened to the 155 range against the U.S. dollar in London on Wednesday, hitting a fresh 34-year low, amid expectations the Federal Reserve will keep interest rates elevated for longer than projected. The Japanese currency briefly fell below 155 for the first time since in June 1990. Investors have been selling the yen for the dollar amid the wide interest rate differential between Japan and the United States, with their central banks pursuing ultraloose and tight monetary policies, respectively. A monitor in Tokyo displays the Japanese yen trading in the 155 range against the dollar on April 24, 2024. (Kyodo) With recent stronger-than-expected economic data in the world's largest economy, senior Fed officials including its chair, Jerome Powell, have signaled that high inflation is likely to delay the start of interest rate cuts. Although caution over a potential yen-buying intervention by Japanese authorities persisted, Japanese Finance Minister Shunichi Suzuki's recent remarks that Japan is eying all options to take appropriate action to counter excessive volatility in the market appeared to have had limited impact. The yen has already weakened past levels near the 152 line where Japan previously intervened in October 2022 to arrest its rapid decline. The U.S. central bank has kept its benchmark interest rate at a 23-year high, with recent firmer-than-expected economic data diminishing expectations the Fed will begin cutting rates as early as June. The Bank of Japan recently hiked interest rates for the first time in 17 years. While the bank has signaled it will maintain an accommodative stance for the time being, Governor Kazuo Ueda said last week the BOJ will likely raise interest rates if underlying inflation continues to increase, stressing future decisions will be data dependent. Related coverage: Nikkei stock index surges over 2% on tech gains Japan mulling all options, to take appropriate steps as yen falls Nikkei ends down 2.7% as market rattled by Middle East tensions

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