The yen hit its lowest level since 2014
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The value of the Japanese national currency against the US dollar fell to its lowest level in the last 7 years and 9 months and amounted to ¥145.3 per $1, follows from data currency trading in Tokyo. The last time the yen exchange rate against the dollar reached this level was in December 2014.
The fall of the Japanese currency related with a rate hike by the European Central Bank. On September 8, the bank’s governing board decided for the first time in history to raise the base rate by 75 basis points to 1.25% from 0.5%. According to the regulator, the rate will continue to increase in the future.
September 7 Japanese yen on the Tokyo Stock Exchange sank by 2.5% and traded at the rate of ¥143.73-143.74 per $1, having updated the lowest level since August 1998. The decline in value occurred against the backdrop of a gap in the discount rates of the Japanese and American central banks.
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