In the foreign exchange market, yen selling became more widespread, and the yen’s exchange rate fell to a low of 160.39 yen per dollar, the lowest level in approximately 38 years.

The selling of the yen continues in the foreign exchange market. The yen hit 160.39 yen per dollar just after 8 p.m., hitting its lowest level in about 38 years.

There is a growing view that the interest rate gap between Japan and the United States, which is the reason for the yen’s depreciation, will not narrow anytime soon, and there is a growing movement to sell the yen.

From late April to May, the government and the Bank of Japan intervened in the foreign exchange market by more than 9.7 trillion yen, the largest amount ever on a monthly basis, but within two months the market had returned to pre-intervention levels, and they are now faced with the difficult decision of whether to intervene again.