URGENT: Yen hits fresh 24-year low against U.S. dollar

Economy

The yen fell to a fresh 24-year low against the U.S. dollar on Thursday amid growing speculation of wider interest rate differentials between Japan and the United States. The Japanese currency dipped below 139.38 against the dollar logged on July 14, hitting the lowest level since September 1998, after a Federal Reserve official said overnight the U.S. central bank should raise the federal funds rate to above 4 percent by early next year from the current 2.25-2.5 percent. While the Fed and other central banks have been raising rates to tame inflation, the Bank of Japan is sticking with its ult...

Kyodo News

Kyodo News