Yen Hits 38-Year Low as US Dollar Weakens on Sluggish Economic Data
The Japanese yen continues its decline while weak US economic indicators prompt expectations of rate cuts by the Federal Reserve.
- The yen fell to 161.96 per dollar, its lowest level since 1986, and reached a record low against the euro.
- Weak US data, including lower-than-expected private payroll growth and increased jobless claims, pressured the dollar.
- The US services sector showed contraction, further weighing on the dollar and increasing the likelihood of rate cuts.
- The euro remained strong due to persistent high inflation, suggesting the European Central Bank will delay rate cuts.
- Japanese authorities are monitoring the yen's decline but have not yet intervened in the currency market.
CNA 
Reuters 