Business
Japanese Yen Slides on China Export Bans, Rate-Hike Tensions
The yen slumped against the dollar on Tuesday after Beijing escalated its pressure campaign against Tokyo and signs emerged of potential tensions between Japan’s new prime minister and its central bank chief over monetary policy.
The Japanese currency weakened 0.9% against the U.S. dollar, sinking to its lowest level in more than two weeks.
The move followed what trading firm Bannockburn Capital Markets described as the “double whammy” of new Chinese export restrictions and a report of remarks made by Prime Minister Sanae Takaichi during a closed-door meeting with the head of the Bank of Japan.