On July 1, according to CCTV Finance, this morning in the Tokyo foreign exchange market, the yen further depreciated against the dollar, briefly falling to 162.70 yen per dollar, marking a new low since December 1986. Japan's Finance Minister Shunichi Suzuki recently stated that the government will take appropriate measures as necessary regarding the yen's depreciation. Analysts point out that the strengthening of U.S. economic data has reinforced market expectations for prolonged high interest rates, leading to increased market sell-offs of the yen. Additionally, concerns that high government policies will exacerbate fiscal deterioration continue to pressure the yen.
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Yen Exchange Rate Hits New Low as Market Sells Off Yen
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