USD-JPY Exchange Rate Hits 151.97 Yen Intraday... Yen Value at Lowest in 34 Years

Despite the Bank of Japan (BOJ) ending its negative interest rate policy, the yen-dollar exchange rate rose intraday to 151.97 yen, marking the lowest value of the yen in 34 years.

[Image source=Yonhap News]

Although the BOJ raised the benchmark interest rate on the 19th and ended the negative interest rate policy, the value of the yen is falling contrary to market expectations.

The BOJ announced its intention to maintain an accommodative financial environment for the time being, which the Nihon Keizai Shimbun pointed out has increased relief selling of the yen, causing its value to decline.

The Japanese government recently hinted at possible intervention in the foreign exchange market due to the unusual yen weakness, but it appears unable to halt the decline in the yen's value.