Politics
Yen Falls to Four-Decade Low, Japan Intervenes
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Yen Falls to Four-Decade Low, Japan Intervenes
The Japanese yen fell below 161.96 per dollar, its weakest since 1986, as the Bank of Japan raised rates and the government spent $73 billion to support the currency.
- The yen dropped below 161.96 per dollar, its lowest level in four decades.
- Bank of Japan raised interest rates in June to the highest in 31 years, but the gap with US rates remains wide.
- Japan spent 11.7 trillion yen ($73 billion) on currency intervention between late April and late May.
- The government pledged to take "appropriate measures at any time" to contain the decline.
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