- US Fed Chair sees 'further disinflation' in economy
- Epic Games sues Google and Samsung over app store
- Officials see no shortages from likely US port strike
- UK families of Gaza hostages warn Lebanon attack 'takes focus away'
- Shares in Stellantis, Aston Martin skid on profit warnings
- Dali prints found in London garage sold at auction
- ECB chief backs bank mergers amid UniCredit, Commerzbank talk
- China stocks soar on stimulus, but US and Europe retreat
- 100 dead in storm Helene damage, flooding across US southeast
- China stocks soar on stimulus, Europe slides on automaker woes
- German antitrust watchdog steps up monitoring of Microsoft
- Nepal's urban poor count cost of 'nightmare' floods
- E.Guinea, Gabon clash at ICJ over oil-rich islands
- New blow for UK's Starmer as growth data disappoints
- China's top banks to tweak mortgage rates to boost housing market
- Muslim women break taboos navigating east London's waterways
- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
- S.African woman turns 118, among the oldest in the world
- UK clears $4 bn AI partnership between Amazon, Anthropic
- Barca fans barred from Champions League away game over racist banner
- Chinese stocks extend surge, Europe higher on Beijing stimulus
- Pope says Church must 'seek forgiveness' for child sexual abuse
- China caps week of 'bazooka' stimulus for ailing economy with rate cut
- Cuts, cash, credit: China bids to jumpstart flagging economy
- France's debt weighs heavier ahead of budget debate
- Iran treads carefully, backing Hezbollah while avoiding war
- Return to sender: waste stranded at sea stirs toxic dispute
- 'Broken' news industry faces uncertain future
- On remote Greek island, migratory birds offer climate clues
- Taken from mother by nuns, victim seeks answers as pope visits Belgium
- China cuts amount banks hold in reserve to boost lending
- Hong Kong, Shanghai extend surge as China optimism boosts markets
RBGPF | 7.18% | 64.75 | $ | |
CMSC | -0.13% | 24.74 | $ | |
RYCEF | -0.14% | 7.03 | $ | |
CMSD | -0.72% | 24.9 | $ | |
SCS | 1.28% | 13.32 | $ | |
NGG | -0.1% | 69.66 | $ | |
GSK | 0.11% | 40.755 | $ | |
BCC | -1.23% | 139.775 | $ | |
RIO | -0.09% | 71.165 | $ | |
VOD | -0.85% | 10.005 | $ | |
JRI | 0.66% | 13.67 | $ | |
RELX | -0.38% | 47.38 | $ | |
AZN | 0.23% | 77.8 | $ | |
BCE | -1.19% | 34.775 | $ | |
BP | -0.11% | 31.385 | $ | |
BTI | -0.89% | 36.515 | $ |
Yen drops to 20-year low against dollar
The yen hit its lowest level against the dollar in two decades on Wednesday, extending recent falls as the gap widens between Japan's ultra-loose monetary policy and Fed tightening.
Despite being traditionally considered a safe-haven currency, uncertainty fuelled by Russia's war in Ukraine has not caused the yen to strengthen.
Instead, moves by the US Federal Reserve towards a more aggressive monetary policy and the shock of rising oil prices in Japan -- a major importer of fossil fuels -- has pushed the currency lower, analysts say.
One dollar bought 126 yen at around 0630 GMT on Wednesday, the lowest rate since 2002.
"The Japanese yen has been one of the weakest currencies anywhere in the world this year," Dutch banking group ING said in a commentary published last week.
"Driving the rally has been the perfect storm of a hawkish Federal Reserve, a dovish Bank of Japan (BoJ), and Japan's negative terms of trade shock as a major fossil fuel importer."
The yen had already lost 10 percent of its value against the dollar in 2021 after four years of strengthening.
Japanese Prime Minister Fumio Kishida did not comment directly on the yen's fall when asked about it on Tuesday, but emphasised the importance of stability in foreign exchange rates.
"I will refrain from commenting on the level of exchange rates, but their stability is important and I think rapid fluctuations are undesirable," he said.
D.Philippon--CPN