Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Japanese Yen Falls to 155 against Dollar for 1st Time since 1990

Wed 24 Apr 2024 | 11:42 PM
Taarek Refaat

The yen's value has fallen beyond 155 yen to the dollar for the first time in more than three decades, raising the risk that the key level could prompt Japan to intervene in the market.

The value of the currency fell as much as 0.2% to a session low of 155.17 against the dollar on Wednesday, marking the first since June 1990 that the yen's price exceeded 155 against the US dollar. The yen trimmed its decline, trading around 154.92 against the greenback at approximately.

Officials have stated more than once that they will take measures to address excessive movements in the yen price if necessary. The responsible authorities emphasized focusing on the pace of currency depreciation rather than a specific level.

Last week, the United States, Japan and South Korea said they would continue to consult closely on foreign exchange market developments, while acknowledging Japan and Korea's serious concerns about the recent sharp decline in the value of their currencies.

The yen has fallen 9% so far this year, making it the worst-performing currency among the G10 countries, even after the central bank in March raised its short-term interest rate for the first time since 2007.