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The battle for the yen
The battle for the yen
The foreign exchange market for the Japanese yen is functioning well, the International Monetary Fund said last weekend. No, it’s not, Japan’s Finance Ministry replied Thursday in what has become an instructive tussle over exchange rates and monetary policy.
One of the major economic events of the last two years is the chronic weakness of the yen against the dollar. Traders appear to be bracing for a drop to ¥151 per dollar, a 33-year low, now that the market has become more comfortable with ¥150 – which was also a 33-year low when the currency reached this level a year ago. .
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