Japanese yen hits 7-month high as dollar tumbles

By: AGENCIES 1 min read
Japanese yen hits 7-month high as dollar tumbles
An electric quotation board flashing share prices on the Nikkei key index of the Tokyo Stock Exchange is displayed in Tokyo on February 8, 2017.Tokyo stocks slipped in early trading on February 8 as an uptick in the yen hit exporters while energy shares dropped on falling oil prices. / AFP

 

TOKYO, April 22 (Xinhua) — The Japanese yen surged to the upper 139-yen level against the U.S. dollar in Tokyo’s foreign exchange market on Tuesday, marking its strongest level in about seven months.

The rally came as concerns grew over the stability and independence of U.S. monetary policy after President Donald Trump criticized Federal Reserve Chairman Jerome Powell and reiterated calls for an early interest rate cut.

The comments raised investor fears that the Federal Reserve’s policy decisions could be subject to political interference, undermining confidence in the dollar.

By around 2:30 p.m. local time, the yen had briefly strengthened to the high 139-yen range per dollar, reaching levels not seen since September of last year.

The appreciation was also driven by growing speculation that the United States may press Japan to address the weakening yen during the upcoming bilateral finance ministers’ meeting later in the week.

AGENCIES

AGENCIES