Japanese Yen Hits 38-Year Low, Tokyo Replaces Top Currency Diplomat

The yen's continued decline against the dollar prompts Japan to appoint Atsushi Mimura as the new forex diplomat amid market intervention speculations.

The yen fell to 161 against the U.S. dollar, marking its lowest level since 1986.
Japan's government has replaced its top currency diplomat, with Atsushi Mimura stepping in for Masato Kanda.
Finance Minister Shunichi Suzuki has signaled possible market intervention to stabilize the yen.
Analysts remain skeptical about the effectiveness of intervention given the interest rate gap between Japan and the U.S.
The yen's decline is contributing to a boost in Japanese exports and tourism.