Japanese Yen drops to new low of 160 vs dollar, 1st time since 1990

By Riyaz ul Khaliq

ISTANBUL (AA) – The Japanese government might have intervened to halt Yen’s slide as the country’s currency Monday dropped to a new low of 160 against the dollar, the first time since 1990, Kyodo News reported.

The yen dropped to a 34-year low in Singapore, but quickly recovered to 155 amid assumptions that the government might have intervened.

Authorities may have conducted intervention to stem the yen's plunge, some market dealers said.

The yen has undergone extreme pressure this year dropping to new lows, which also leads to high costs on imports.

But Bank of Japan Governor Kazuo Ueda said he sees no major impact of the yen's recent sharp decline in prices.

The Finance Ministry declined to comment on the currency plunge.

Last week, the Bank of Japan kept its policy interest rates unchanged.

In March, the bank ended a negative rate era, increasing the rate from minus 0.1% to 0.1% after a 17-year period.