A monitor shows the yen falling to the ¥158 range against the dollar on Saturday morning in Chuo Ward, Tokyo.
16:48 JST, Apr 27, 2024
NEW YORK – The exchange rate of the yen against the US dollar temporarily fell to the ¥158.40 mark in New York on Friday, the lowest level since May 1990 and a new 34-year low.
Before the Bank of Japan announced the results of its monetary policy meeting on Friday afternoon Japan time, the yen-dollar exchange rate on foreign exchange markets was around ¥155.50. After the BOJ decided to maintain its current monetary policy, the moves to sell the yen and buy dollars accelerated and the yen fell by almost ¥3.
Market players widely agreed that BOJ Governor Kazuo Ueda’s press conference did not demonstrate a determined stance to prevent the yen from falling further.
In March, the BOJ decided to end its large-scale loose monetary policy measures, such as ending negative interest rates. However, the yen’s downward trend has not stopped; its value against the dollar has fallen by about ¥17 compared to the end of last year.
