Yen hits a record 20-year low on the new trading day against the dollar.
The decline in the Japanese yen continues. The yen fell 0.5 percent against the dollar, hitting a 20-year low. It was seen above the 133 level in the dollar/yen exchange rate. The index, which measures the yen’s strength against ten currencies, also saw its lowest level in 7 years.
The depreciation of the yen was at the top of the authorities’ agenda in Japan. Finance Minister Shunichi Suzuki said, “It is important that the exchange rates remain stable. The government closely monitors the exchange rate movements and their effects on the Japanese economy.”
At the daily press conference, government spokesman Hirokazu Matsuno stated that they were following the effects of the yen’s movement on the economy.
Unlike other developing countries, the loose monetary policy has been influential in the recent decline in the Japanese yen. Bank of Japan (BoJ) Governor Haruhiko Kuroda stated that the low-interest policy will continue in his speech in the Japanese parliament this week.
