Leaders around the world are trying to stabilize their economies in the face of pressures they have never seen. The pandemic has stunted growth and strained supply chains, and the war in Ukraine has driven up the cost of food and energy. Now, Japanese leaders have seen those pressures cause their currency to drop to levels not seen in decades.

In New York trading on Friday, the yen slid to 148 against the dollar. One day earlier, it had surpassed its lowest level in 32 years, at 147 yen to the dollar.

The latest retail sales figures out of the US added to the pressures on the yen. American consumers kept their spending strong in September. The figures were little changed from the month before.

Officials at the Federal Reserve have been trying to tame inflation -- and cool the economy -- by raising interest rates. The strong spending figures are raising concerns that they will continue the hikes.

However, Bank of Japan Governor Kuroda Haruhiko said the pace of Japan's recovery is slow compared to countries like the US. He believes it is not "necessary or appropriate" for the Japanese central bank to raise rates at this time.

Kuroda said consumers are starting to spend more and business leaders are again investing in their companies. So he wants to avoid the tightening seen in the US by maintaining a loose monetary policy.