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The yen falls to 158 against the dollar in New York, hitting a new 34-year low


Jiji press
A monitor shows the yen falling to the ยฅ158 range against the dollar on Saturday morning in Chuo Ward, Tokyo.

NEW YORK – The exchange rate of the yen against the US dollar temporarily fell to the ยฅ158.40 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 ยฅ155.50. 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 ยฅ3.

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 ยฅ17 compared to the end of last year.

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