NEW YORK (AP) — Some of the world’s wildest action in financial markets is roiling around the Japanese yen. The value of Japan’s currency has tumbled so much that for a moment on Monday it took 160 yen to equal $1. A few years ago, it took closer to 100 yen to make a U.S. dollar. The yen has been so weak that it’s back to where it was in 1990, shortly after Japan’s famous “bubble economy” burst. After it briefly touched the 160 yen level in overnight hours for traders in New York, the value of a dollar quickly shifted back to 156 yen by midday Monday on the East Coast. Such sudden moves can happen in the foreign-exchange market, which can be notoriously volatile. Trading may also have been jumpy because of a holiday in Japan that kept its stock market closed. But the speed and degree of the yen’s swings raised speculation about whether Japanese officials were making moves to prop up the value of their currency. |
South China theater festival to showcase outstanding classicsPache's single, Harper's catch in 10th inning lift Phillies past RockiesGiants rally with 3 runs in 7th to beat NLMike Trout's 2The proof going vegan ISN'T better for you? Study finds plantChina releases reports on budgets, national economic and social development plansTJ Maxx job applicant really wants to to work at the storeTJ Maxx job applicant really wants to to work at the storeBader drives in goEast China's Suzhou to hold cultural event in Singapore