Industry Odisha Bureau, Aug 4: Following an outcome of the joint efforts reportedly made by the incumbent Trump regime in the United States of America (USA) and present Japan Government to prop up Japan’s reportedly weak currency ‘Yen’, it reportedly hit the highest level in three months.
International media reports have stated that, “Japan’s currency Yen strengthened to ¥155 to the US dollar (USD) on Monday, its highest level since early May, after Tokyo and Washington confirmed that they had carried out a rare joint currency intervention late last week. The intervention came after the Yen had weakened to a 40-year low of almost ¥164 to the dollar last week.”
International media, quoting US President Donald Trump’s Sunday statement, have said that, “They have a weakening Yen, and they wanted a little bit of help. And we’re always there for Japan.”
International media, citing opinions of analysts and financial experts, have also said that, “The Yen had weakened in recent months as Japanese borrowing costs remained lower than in other advanced economies. This disparity fuelled a so-called ‘carry trade’, in which investors borrowed cheaply in Yen to buy higher-yielding dollar assets.”
International media, citing opinions of analysts and financial experts, have further said that, “The Yen has also suffered from investors’ concern about Japan’s Prime Minister Sanae Takaichi’s push to use tax and spending measures to stimulate the Japanese economy, and her criticism of the Bank of Japan setting higher interest rates, which have also pushed up the country’s borrowing costs.”
International media also reported that, “Bank of Japan data suggested Tokyo spent as much as $36.58bn last Friday to buy Yen and strengthen the local currency.”
