Japanese yen hits lowest level against US dollar since April 29

ISTANBUL

The Japanese yen hit its lowest level since April 29 against the US dollar, nearing 160 on Monday.

The yen/dollar parity exceeded the 160 level on April 29, hitting a 34-year low level.

Last week, the parity was around the 158 level.

Before the COVID-19 pandemic, the parity was at 100 level.

While all major central banks in the world increased the interest rates one by one, the Bank of Japan tried to continue its ultra-loose monetary policy.

As a result of this policy, the Japanese yen declined in value against the US dollar.

In March, the bank ended the negative-rate era after years and raised the rate from minus 0.1% to 0.1%.

After the interest rate move of the bank, the parity dropped from 150 to 146 level in March.