“Japanese Yen Hits 38-Year Low at 161 Against Dollar; Atsushi Mimura Appointed Top Currency Diplomat”
The Japanese yen has crossed the 161 mark against the dollar for the first time since 1986. In response to the currency’s continued weakening, Japan has reportedly appointed Atsushi Mimura as its top currency diplomat, replacing Masato Kanda, according to Nikkei. Mimura is currently the director general of the Japanese finance ministry’s international bureau.
Despite warnings of intervention from Japanese officials, Dong Chen, chief Asia strategist and head of Asia research at Swiss private bank Pictet, expects the yen to remain “fairly weak.” This development underscores ongoing challenges in Japan’s efforts to stabilize its currency amidst global economic fluctuations.