27 C
Agartala
Tuesday, February 27, 2024

Japanese yen touches 32-year low

Date:

 The Japanese yen touched a 32-year low against the US dollar after official figures showed that prices had risen faster that expected in America.

The yen fell to 147.66 against the US dollar before regaining some ground, BBC reported.

Japanese Finance Minister Shunichi Suzuki said the government will take “appropriate action” against the currency’s volatility.

In a rare move last month, Japan spent almost $20bn to prop up the country’s struggling currency, the BBC reported.

“We cannot tolerate excessive volatility in the currency market driven by speculative moves. We’re watching currency moves with a strong sense of urgency,” Suzuki told reporters after attending a G7 finance meeting in Washington.

Last month, Japan intervened in the global currency market to help support the weakening yen.

That move came after the yen hit a fresh 24-year low against the dollar, marking the first time that Japanese authorities had intervened in the currency market since 1998.

The Japanese currency has come under increasing pressure in recent months, mainly due to the very different approach taken by the Bank of Japan in comparison with the US Federal Reserve, the report said.

Share post:

Subscribe

Adspot_imgspot_img

Popular

More like this
Related

Young Man Found Dead; Police Initiate Investigation*

BY TC News Desk Agartala, 26th February 2024 : In...

PCCF suspended over controversy name of lion couple

 BY TC News Desk Agartala, 26th February 2024 :  The...

CM slams CPIM for development failures in state

BY TC News Desk Agartala, 26th February 2024:  Chief Minister...

Tripura Budget session to begin from from March 01: Ratan

 BY TC News Desk Agartala, 26th February 2024 :  :...