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).
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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
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