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Editor in Chief Mohamed Wadie

Japanese Yen Records Lowest Level in 16 Years against Sterling


Tue 28 May 2024 | 10:33 PM
Japanese yen. Source: Bloomberg
Japanese yen. Source: Bloomberg
Taarek Refaat

The value of the Japanese yen fell to its lowest levels against the British pound in almost 16 years, renewing concerns about the devaluation of the currency that has troubled monetary policy makers this year.

The price of the Japanese currency fell 0.1% to 200.56 against the British pound, its weakest level since August 2008.

The recent decline comes at a time when traders, wanting to reap additional returns, are embracing currencies such as the British pound, where returns are much higher. Especially since the yen has the lowest interest rate in the world, and its value fell this year against all its counterparts in the G10.

Japanese authorities are expected of intervening in the market twice since late April to prop up the value of the currency. While the Bank of Japan has raised interest rates once - and is expected to do the same again - investors say monetary policy is still too accommodating to halt the currency's decline.