14.1 C
Delhi
Tuesday, January 31, 2023

Japanese yen touches 32-year low

Date:

Share post:

Tokyo: The Japanese yen touched a 32-year low against the US dollar after official figures showed that prices had risen faster that expected in America.

The yen fell to 147.66 against the US dollar before regaining some ground, BBC reported.

Japanese Finance Minister Shunichi Suzuki said the government will take “appropriate action” against the currency’s volatility.

In a rare move last month, Japan spent almost $20bn to prop up the country’s struggling currency, the BBC reported.

“We cannot tolerate excessive volatility in the currency market driven by speculative moves. We’re watching currency moves with a strong sense of urgency,” Suzuki told reporters after attending a G7 finance meeting in Washington.

Last month, Japan intervened in the global currency market to help support the weakening yen.

That move came after the yen hit a fresh 24-year low against the dollar, marking the first time that Japanese authorities had intervened in the currency market since 1998.

The Japanese currency has come under increasing pressure in recent months, mainly due to the very different approach taken by the Bank of Japan in comparison with the US Federal Reserve, the report said.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Rich liking Dubai, Indians buy property worth 1.86 lakh crores in 7 years

The craze of buying property in Dubai among the rich all across the globe is increasing consistently, and...

Netherlands, Japan to ban export of chip technology to China

Netherlands and Japan have shown consent in banning the export of high-tech machines, which are used for chip...

Hindus in Britain receive first permanent cremation ground after 50-year struggle

Following a decades-old struggle and facing rejection earlier, the first purpose-build (permanent) cremation ground will now be constructed...

Europeans do not want same government for more than two years

It is the result of the increasing awareness about people’s rights and pressure of the public opinion, that...