TOKYO, Apr 23 (NNN-NHK) – The Japanese yen surged to the upper 139-yen level against the U.S. dollar, in Tokyo’s foreign exchange market yesterday, marking its strongest level in about seven months.
The rally came, as concerns grew over the stability and independence of U.S. monetary policy, after President Donald Trump criticised Federal Reserve Chairman, Jerome Powell, and reiterated calls for an early interest rate cut.
The comments raised investor fears that the Federal Reserve’s policy decisions could be subject to political interference, undermining confidence in the dollar.
By around 2:30 p.m. local time, yesterday, the yen had briefly strengthened to the high 139-yen range per dollar, reaching levels not seen since Sept of last year.
The appreciation was also driven by growing speculation that the United States may press Japan, to address the weakening yen, during the upcoming bilateral finance ministers’ meeting, later in the week.– NNN-NHK
