Dollar Hits Four-Month Low Against Yen After Fed Officials Project Rate Cuts
Many traders expect the Bank of Japan, led by Gov. Kazuo Ueda, to start unwinding easy policy in the coming months. (Kyodo/Reuters)
The dollar fell to a more than four-month low against the yen on Thursday, reflecting expectations for U.S. rate cuts next year.
The dollar briefly hit as low as 140.95 yen Thursday in Tokyo, the weakest since late July. It later recovered to about 141.6.
The yen’s strength raised concerns over exporters’ profits, weighing on Tokyo stock prices Thursday. The Nikkei Stock Average ended 0.7% lower at 32686.25 even as the Dow Jones Industrial Average set a record.
Other currencies also gained against the U.S. dollar, including the Canadian dollar, the euro, and the Australian dollar.
