JPY/USD Exchange Rate Hits 151.79 Yen at One Point... Could Reach Highest Level in 33 Years

As the yen continued to weaken, the yen/dollar exchange rate briefly reached a yearly high of 151.79 yen per dollar on the Tokyo foreign exchange market on the 13th, according to the Nihon Keizai Shimbun (Nikkei).

[Image source=Reuters Yonhap News]

On that day, the yen/dollar exchange rate, which was below 151.5 yen per dollar around 9 a.m., rose to 151.79 yen at 3:12 p.m. before falling slightly.

If the yen/dollar exchange rate rises above 151.94 yen per dollar, which was recorded on October 21 last year, it will mark the highest level in 33 years since 1990 due to the depreciation of the yen (yen weakness).

The yen/dollar exchange rate rose to 151.74 yen per dollar after the Bank of Japan revised its monetary policy on the 31st of last month to effectively allow an increase in the 10-year government bond yield, a long-term interest rate indicator, then fell below the 150 yen level but rose again.

The yen/euro exchange rate also rose to 162.28 yen per euro, the highest level since August 2008.

Nikkei reported, "There is active movement selling low-interest yen and buying high-interest currencies," adding, "Concerns are growing that Japanese financial authorities may intervene in the foreign exchange market."

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