The Japanese Yen (JPY) declined to its weakest level since 1990 against the US Dollar on Wednesday, with USD/JPY touching 160.40 during the European trading hours.
The Japanese Yen declined to its weakest level since 1990against the US Dollar on Wednesday, with USD/JPY touching 160.40 during the European trading hours. On April 29, the Bank of Japan intervened in the foreign exchange market and triggered a sharp decline in USD/JPY after the pair hit 160.20. At the time of press, USD/JPY was trading a few pips above this level.
The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The current BoJ ultra-loose monetary policy, based on massive stimulus to the economy, has caused the Yen to depreciate against its main currency peers.
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