From food to travel, it’s hard to find an aspect of life in Japan that hasn’t been affected by its declining currency,
From food to travel, it’s hard to find an aspect of life in Japan that hasn’t been affected by its sinking currency. The yen has been on the skids for years and hit its weakest level since 1990 against the US dollar earlier this week, pressured by expectations of that the US Federal Reserve will have to keep interest rates higher for longer to tame American inflation.
There are some benefits … The yen has lost 10% of its value against the greenback so far this year, after sliding 8% in 2023, according to Refinitiv data. It’s the worst performing currency among the Group of 10 leading industrialized nations in 2024. Even after the BOJ ended years of negative interest rates with its first hike in 17 years in March, a large gap remains between Japanese and US rates and is set to continue, which is expected to keep the yen weak.
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