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| Above, Tokyo's famed Ginza shopping district. Photo by Armand Vaquer. |
I usually wait to report on the exchange rate between the dollar and yen for the beginning of a new month. But this was too much to pass up.
It is too bad that American tourists cannot visit Japan right now as the foreign exchange rate between the U.S. dollar and the Japanese yen has reached the best levels since 2016. I was last in Japan in October 2015.
Kyodo News reported.
TOKYO - The U.S. dollar climbed into the 120 yen range on Tuesday in Tokyo for the first time since February 2016, after the U.S. Federal Reserve hinted at further raising its key interest rate to tackle soaring inflation, while Tokyo stocks ended at the highest point in over a month.
At 5 p.m., the dollar fetched 120.47-48 yen compared with 119.43-53 yen in New York at 5 p.m. Monday.
The dollar's recent strength against the yen is driven by the prospects of widening interest rate differentials in Japan and the United States, dealers said.
Its strength was fueled by Fed Chairman Jerome Powell's remarks Monday suggesting that the U.S. central bank may raise its key short-term interest rate in May by 0.5 percent, which it has not done since May 2000.
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