The Japanese yen has shed more of its value, hitting a new 24-year low against the dollar.
The yen briefly fell to the 143 level to the greenback in New York on Tuesday. That is the weakest since 1998.
The drop came after a US non-manufacturing business activity index released on Tuesday showed better than expected figures. Speculation spread that the US Federal Reserve might continue raising interest rates.
The widening interest-rate gap between Japan and the United States motivated investors to sell the yen and buy dollars to lock in higher yields.
The yen briefly fell to the 143 level to the greenback in New York on Tuesday. That is the weakest since 1998.
The drop came after a US non-manufacturing business activity index released on Tuesday showed better than expected figures. Speculation spread that the US Federal Reserve might continue raising interest rates.
The widening interest-rate gap between Japan and the United States motivated investors to sell the yen and buy dollars to lock in higher yields.
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Summary
Japanese Yen hits a 24-year low against the dollar, reaching 143 level in New York on Tuesday. This development follows the US non-manufacturing business activity index's release showing better-than-expected figures, causing speculation about further US Federal Reserve interest rate increases. The
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ID: 6317ca30-4f74-4fab-ab4c-7ca4c0a80b98
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20220907_05/
Date: Sept. 7, 2022
Created: 2022/09/07 07:31
Updated: 2025/12/09 13:53
Last Read: 2022/09/07 07:31