Yeen Clash: Gentle American Stick vs Unbreakable Japanese Arm
The article discusses the Japanese yen's battle against the US dollar, as the yen has risen by approximately 5% over three sessions to reach a rate of 155.2 against the dollar, after having fallen to its lowest level in forty years at 163.6 last month. The Bank of Japan intervened by purchasing its currency to preserve its purchasing power and control imported inflation, coordinating with the United States, which announced its support for Japan's actions in the currency market. These interventions follow numerous efforts over the past years aimed at protecting the economy from market volatility and reducing the cost of vital imports, especially amid the risks of rising energy prices and growing financial concerns.
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