Japanese yen hits 1998 low
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The cost of the Japanese yen over the past day fell by 2.5%, reaching a minimum of August 1998, follows from the data of currency trading. By 05:30 Moscow time, the yen was trading at the rate of 143.73-143.74 yen per $1 on the Tokyo Stock Exchange. On the stock exchange in New York, the rate dropped to 143.45 yen per $1.
The yen is falling against the backdrop of a growing gap in the discount rates of the Bank of Japan and Western regulators. Bank of Japan saves short-term interest rate on deposits of commercial banks at -0.1% per annum, the target yield of ten-year government bonds is also near zero. The regulator believes that this will help stimulate markets and achieve the inflation target of 2%. At the same time, Western regulators are raising rates to fight inflation.
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