Japanese authorities threatened currency intervention to curb the dollar's ascent towards a new high on the yen.
The dollar's ascent towards a new high on the yen was curbed by the threat of currency intervention from Japanese authorities. The yen was pinned near a multi-decade low at 151.25 per dollar, though it did not reach the expected heights due to the intervention threat. Japan's top currency diplomat, Masato Kanda, stated that the yen's current weakness did not reflect fundamentals, and authorities were prepared to take appropriate action against excessive fluctuations. The yen's decline has been a cause for concern, as it can negatively impact the economy and increase import costs.
March 24, 2024
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