Japanese yen hits new low against US dollar

The exchange rate of the yen against the U.S. dollar in the Tokyo foreign exchange market fell to more than 153.8 yen per U.S. dollar on the 15th, a record low in nearly 34 years.

Kyodo News reported that interest rate differentials between Japan and the United States prompted investors to sell Japanese yen and buy U.S. dollars. In addition, the latest developments in the situation in the Middle East have also enhanced the appeal of the U.S. dollar as a “safe haven asset.”

The consular building of the Iranian Embassy in Syria was attacked by a missile on April 1, killing at least 13 people. Iran and Syria said the attack was carried out by Israel. Iran’s Islamic Revolutionary Guard Corps issued a statement in the early morning of the 14th, announcing that it had launched dozens of missiles and drones at Israeli targets. An Israeli military spokesman said that more than 300 drones and missiles were fired at Israel, and “99%” of them were intercepted.

As of 3 pm on the 15th, the Japanese yen exchange rate was 153.82 to 153.85 yen per US dollar.

Japanese Finance Minister Shunichi Suzuki told reporters on the same day: “We will closely monitor the progress of the situation and take all necessary measures.”

In addition, the Tokyo stock market Nikkei Index plunged sharply in early trading on the 15th, falling more than 700 points during the session and falling below the 39,000-point mark. Kyodo News analyzed that the tense situation in the Middle East has dampened investor confidence.

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