The yen plunged to the level of 140.97 against the dollar, today, Tuesday, the lowest level for the Japanese currency against the US currency since 1998 (24 years), and it was traded in the latest transactions at 140.91 against the dollar.
The dollar caught its breath today after a sharp rise, but reached its highest level in 24 years against the Japanese yen sensitive to interest rate movements, with the tightening of US monetary policy and the widening gap with low interest rates in Japan.
According to Reuters, Galvin Shea, emerging markets analyst at Natoust Markets, said: After we saw the 140 barrier broken...the momentum is leaning towards the weakness of the yen.
The US currency has eased slightly from its highs against the euro and the British pound, although fears of a recession and the gas crisis limited the two currencies' rally.
On the other hand, the euro rose 0.36% to $0.99605, after hitting a two-decade low of $0.9876 on Monday, with increasing odds of spending the winter without Russian gas.
Russia had indefinitely halted the flow of gas through the Nord Stream 1 pipeline to Germany, initially blaming an oil leak at a pressure plant, but linked the stoppage yesterday to Western sanctions.
For its part, the British pound rose 0.54% at 1.1585 against the dollar, after sliding to its lowest level in two and a half years at 1.1444 dollars yesterday. The dollar index fell 0.02% to 109.58, after rising yesterday to the level of 110.27.
