Faced with the highest inflation in decades, consumers are worried about spending and dissatisfaction with the economy has added to widespread political discontent.
Photographer: Soichiro Koriyama/BloombergYen’s Wild Swings Are Just a Taste of What’s to Come
Unless deep structural issues are resolved, violent swings may become more frequent. The implications stretch far beyond Japan.
On Monday morning, while many in Tokyo enjoyed a public holiday, Yoshio Iguchi was on high alert at Traders Securities Co.’s Shibuya office.
The already-jittery currency market was primed for official action aimed at reversing the yen’s slide to a more than three-decade low. Friday’s central bank decision had been unexpectedly dovish and was deemed unlikely to change the currency’s course. Yen bears were galvanized, and the Golden Week holiday meant trading would be thin.