Well, we are now in a new month. June came and went in a flash it seems.
It is time to take a peek at how the U.S. dollar is faring against the Japanese yen in Tokyo foreign exchange trading for those planning a vacation to the Land of the Rising Sun.
According to Japan Today:
TOKYO - The yen hit a fresh 39-year low past 162 versus the U.S. dollar on Tuesday, despite concerns by market players of possible intervention by Japanese authorities to stem the currency's fall.
The Japanese currency sank to the lower 162 zone in Tokyo, marking its lowest level since December 1986, amid expectations of Federal Reserve interest rate hikes this year. Yen selling was also accelerated at one point by domestic importers who bought the dollar.
"There is a growing view that it will be difficult for the yen to compete with the dollar if the Fed does go ahead with rate hikes," said Takuya Kanda, senior researcher at the Gaitame.com Research.
Although Japanese Finance Minister Satsuki Katayama warned earlier in the day that the government is "always" ready to act when necessary, in response to the yen's fall against the dollar, the currency market showed little reaction.
To read more, go here.
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