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The yen briefly rose to the 129 level against the U.S. dollar from the mid-131 level on Feb. 10 over reports that the government will tap a former Bank of Japan Policy Board member as the central bank's new chief.
Toyota Motor Corp., Mazda Motor Corp., and Subaru Corp. doubled vehicle exports in September from a year earlier as the negative impact from a global parts shortage eased and the yen fell to a 24-year low against the dollar, industry data showed on Oct. 28.
The yen's recent rapid and one-sided depreciation is "negative" for the Japanese economy, Bank of Japan Governor Haruhiko Kuroda said on Oct. 19 after the currency hit a fresh 32-year low versus the U.S. dollar.
Japan signals it may intervene if the yen continues its rapid depreciation, warning it will take necessary action as "rapid and one-sided" moves drove the currency to a fresh 24-year low against the U.S. dollar.
Dollar strength has been a wrecking ball swinging through forex markets, buoyed by the Federal Reserve’s interest rate increases and severe problems facing other major economies. If the Fed were forced to cut rates – because the US enters recession or due to a threat to the global economy – the dollar would depreciate