Japanese yen plunges to fresh lowest level of 136 against USD

Xinhua
21 Jun 2022, 21:35 GMT+10

TOKYO, June 21 (Xinhua) -- The Japanese yen on Tuesday night fell to a new lowest level of 136 against the U.S. dollar, posting its lowest level in 24 years.

According to dealers, market participants sold the yen for the dollar, expecting wider interest rate gaps between Japan and the United States.

At 5 p.m. local time (0800 GMT) in Tokyo, the U.S. dollar fetched 135.22-23 yen.

Earlier on Tuesday, Japanese Prime Minister Fumio Kishida supported the ultra-easy policy of the Bank of Japan.

He also stressed that monetary authorities should keep the current accommodative stance to beef up the country's economy stricken by the COVID-19 pandemic.

Kishida made the remarks during a debate with ruling and opposition party leaders ahead of the election of the House of Councilors scheduled for July 10.

The Japanese currency continued to depreciate after the country's central bank on Friday maintained its ultra-easy policy, dampening projections by some market players of an adjustment in policy, in contrast to the Federal Reserve, which has expressed readiness to make additional interest rate increases in order to curb inflation.

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