Japan's yen falls to its weakest since 1990 against the dollar
NEW YORK (AP) — Some of the world’s wildest action in financial markets is roiling around the Japanese yen.
The value of Japan’s currency has tumbled so much that for a moment on Monday it took 160 yen to equal $1. A few years ago, it took closer to 100 yen to make a U.S. dollar. The yen has been so weak that it’s back to where it was in 1990, shortly after Japan’s famous “bubble economy” burst.
After it briefly touched the 160 yen level in overnight hours for traders in New York, the value of a dollar quickly shifted back to 156 yen by midday Monday on the East Coast. Such sudden moves can happen in the foreign-exchange market, which can be notoriously volatile. Trading may also have been jumpy because of a holiday in Japan that kept its stock market closed. But the speed and degree of the yen’s swings raised speculation about whether Japanese officials were making moves to prop up the value of their currency.
Related articles
Midwest storms: Large hail, torrential rain and tornadoes and more is coming
OMAHA, Neb. (AP) — Residents in Omaha, Nebraska, awoke to weather sirens blaring and widespread powe2024-05-22Uber's 'shambolic' agreements with drivers highlights power imbalance
Uber has appealed a ruling that drivers should be considered permanent employees. File photo. Photo:2024-05-22Sheep are clever and important in many ways. Here are some ovine facts that may surprise you
File photo. Photo: Susan Murray RNZ2024-05-22NZ missing out, lawyers say as visas for wealthy investors plummet
Thirty-one visa applications from foreign millionaires are under consideration, mostly from North Am2024-05-22Austrian leader lauds UK's efforts on migration and cites its plan for deportations to Rwanda
VIENNA (AP) — Austria’s leader praised Britain Tuesday as a “pioneer” in outsourcing asylum proceedi2024-05-22US court blocks strict new immigration law in Texas
US soldiers and law enforcement officers stand over a small group of immigrants who had crossed the2024-05-22
atest comment