The yen hits 24-year lows against the dollar due to the divergence between central banks

The yen continues its downward path against the major currencies as a result of a widening divergence between the monetary policy of the Bank of Japan and the rest of the major central banks, which has plunged the Japanese currency to the lowest since 1998 against the dollar.

The depreciation of the yen exchange rate caused Japan’s monetary authorities to issue an unusual joint statement on Friday expressing concern about the loss of value of the Japanese currency and the importance of exchange rate stability.

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