USD/JPY Exchange Rate Surpasses 160 Yen... First Time in 34 Years

On the morning of the 29th, the yen-dollar exchange rate briefly surpassed 160 yen for the first time in 34 years, according to Japanese media such as NHK and Nihon Keizai Shimbun.

Amid the recent trend of yen depreciation, the yen-dollar exchange rate exceeding the 160 yen mark is the first occurrence since April 1990.

An employee is organizing US dollars and Japanese yen at the Hana Bank Counterfeit Response Center in Jung-gu, Seoul. Photo by Jinhyung Kang aymsdream@

The Bank of Japan (BOJ) announced on the 26th at its Monetary Policy Meeting that it would maintain its policy interest rate. BOJ Governor Kazuo Ueda stated at a press conference, "The yen's weakness is not significantly impacting the underlying inflation rate," and added, "A accommodative financial environment will continue for the time being." Nihon Keizai Shimbun explained that these remarks strengthened expectations that an early rate hike would be difficult, leading to further yen depreciation.

At around 11 a.m. that day, the yen-dollar exchange rate was trading in the 159 yen range.