Yen Slides to Seven-Month Low as Powell Underscores Policy Gap
- Yen hits 142.36 per dollar, its weakest since November
- Japanese officials are closely watching currency’s slide
Japanese yen coins and banknotes.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
The yen slid to its weakest against the dollar since November after Federal Reserve Chair Jerome Powell said officials expect interest rates need to move higher to curb inflation, highlighting diverging expectations for policy in Japan and the US.
The yen dropped as much as 0.6% to 142.36 per dollar before paring losses to trade around the 141.80 level in early Thursday trading in Tokyo. The Japanese currency has slid nearly 8% against the dollar this year, the second-worst performer among its developed-market peers.