Japan will struggle to rescue its plummeting currency
Expensive government intervention looks likely to provide only brief respite
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).
Explore more
This article appeared in the Finance & economics section of the print edition under the headline “A slip of the yen”
Finance & economics May 4th 2024
- Immigration is surging, with big economic consequences
- Russia’s gas business will never recover from the war in Ukraine
- Japan will struggle to rescue its plummeting currency
- What campus protesters get wrong about divestment
- Working from home and the US-Europe divide
- Hedge funds make billions as India’s options market goes ballistic
From the May 4th 2024 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from Finance & economics
The stockmarket rout may not be over
As investors pause for breath, we assess what could turn a correction into a crash
Why Japanese stocks are on a rollercoaster ride
Volatility in global markets continues
Why Japanese markets have plummeted
The global rout continues, with the Topix experiencing its worst day since 1987
Swing-state economies are doing just fine
They would be doing even better if the Biden-Harris administration had been more cynical
Can Kamala Harris win on the economy?
A visit to a crucial swing state reveals the problems she will face
Why fear is sweeping markets everywhere
American and Japanese indices have taken a battering. So have banks and gold