Yen Exchange Rate Surpasses 146 Yen per Dollar Intraday... Currency Value Hits Lowest in 24 Years

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] The yen-dollar exchange rate surpassed the 146 yen mark on the 12th for the first time in 24 years.

According to the Nihon Keizai Shimbun and others, on the morning of that day in the Tokyo foreign exchange market, the yen exchange rate against the dollar exceeded 146 yen per dollar. This is the first time since August 1998.

The expectation that the United States will further raise its benchmark interest rate has been analyzed as a factor driving the yen-dollar exchange rate higher due to dollar buying movements caused by the interest rate differential between the two countries.

As the yen's value plummeted, attention is also focused on whether the Japanese foreign exchange authorities will intervene further in the foreign exchange market. Earlier, when the yen-dollar exchange rate soared to 145.90 yen intraday on the 22nd of last month, the Japanese Ministry of Finance and the Bank of Japan (BOJ) intervened in the market by selling dollars and buying yen for the first time in 24 years.

Bloomberg News reported that the market is now paying attention to whether the exchange rate will surpass the high of 147.66 yen per dollar set in 1998.

Japanese Finance Minister Suzuki Shunichi, before departing for Washington DC to attend the G20 Finance Ministers' Meeting the previous day, mentioned the possibility of additional intervention, saying that authorities would act appropriately if there were excessive movements, addressing investors.

This content was produced with the assistance of AI translation services.