NEW YORK (AP) — Some of the world’s wildest action in financial markets is roiling around the Japanese yen. The value of Japan’s currency has tumbled so much that for a moment on Monday it took 160 yen to equal $1. A few years ago, it took closer to 100 yen to make a U.S. dollar. The yen has been so weak that it’s back to where it was in 1990, shortly after Japan’s famous “bubble economy” burst. After it briefly touched the 160 yen level in overnight hours for traders in New York, the value of a dollar quickly shifted back to 156 yen by midday Monday on the East Coast. Such sudden moves can happen in the foreign-exchange market, which can be notoriously volatile. Trading may also have been jumpy because of a holiday in Japan that kept its stock market closed. But the speed and degree of the yen’s swings raised speculation about whether Japanese officials were making moves to prop up the value of their currency. |
China's space station lab module Mengtian ready for launchChinese company spurs economic revival in Botswana's mining townXi visits people in Tianjin ahead of Spring FestivalXictionary: Putting People at the CenterXi stresses development of new productive forces, highKenya, World Bank unveil carbon market guidebook for enterprisesXi extends Spring Festival greetings to military veteransBolivia urges UN to facilitate peace in Middle East15 killed in road accident in central EthiopiaChina's industrial recovery gaining steam despite profits dip