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Yen plunges to lowest mark against dollar in over 2 decades
Yen
Image credit: Pixabay

Yen plunges to lowest mark against dollar in over 2 decades

| @indiablooms | 14 Oct 2022, 12:32 am

Japanese currency yen Thursday nosedived to the lowest level against the US dollar since 1990 after America's central bank, Federal Reserve, indicated aggressive measures to tighten its noose on inflationary pressures, said media reports.

AFP reported that one dollar stood at 147.67 yen following the stronger-than-expected inflation number but appreciated in the late hours following intervention from the Bank of Japan, the central bank of Japan.

As U.S. interest rate hikes push the dollar higher, the yen depreciated nearly 20 percent this year, dipping to 24-year lows.

This comes as Japan's central bank resists hiking interest rates to try and cool sky-high prices.

In an attempt to prevent further fall of the battered currency, Reuters reported that Japan intervened in the foreign exchange market on Thursday to buy yen for the first time since 1998.

After this, the dollar's value against the yen plunged more than 2 percent to around 140.3 yen, according to the report.

There was no further intervention or help from other central banks to the Bank of Japan, and the dollar was last around 1.2 percent lower at 142.31 yen, it added.

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