Japan will struggle to rescue its plummeting currency
Expensive government intervention looks likely to provide only brief respite
![People look at exchange rates outside a currency exchange in central Tokyo, Japan on April 29th 2024](https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20240504_FNP503.jpg)
The yen is on a wild ride. As Asian markets opened on April 29th, the currency plunged to a 34-year low of 160 to the dollar, adding to a hefty fall over the past three years (see chart). A sudden reversal to more like 155 to the dollar prompted rumours of intervention by the Bank of Japan (BoJ).
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This article appeared in the Finance & economics section of the print edition under the headline “A slip of the yen”
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