As the Japanese yen continued to depreciate, the yen-dollar exchange rate once crossed 150 yen per dollar on the 20th.
Japanese media reported that the exchange rate of the yen once morest the US dollar broke the 150 yen level on the same day, recording 150.09.
It is the first time in 32 years since August 1990, during the latter half of Japan’s ‘bubble economy’, that the yen-dollar exchange rate exceeded 150 yen.
The continued decline in the yen’s value reflects Japan’s low economic growth, the Mainichi Shimbun analyzed.
It also added that Japan’s long-term Treasury yields rose sharply and the US Federal Reserve announced an aggressive rate hike policy to curb inflation, he added.
Meanwhile, Bank of Japan Governor Haruhiko Kuroda is said to be cautious regarding the continued weakness of the yen once morest the dollar, but plans to maintain monetary easing.
VOA News
