Finance & economics | A slip of the yen

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
Photograph: Getty Images

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”

From the May 4th 2024 edition

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