# Japan names new FX diplomat as yen hits 38-year low

> Japan appointed a new top foreign exchange diplomat on Friday as the yen fell to a 38-year low against the dollar. The government faces pressure as the weak currency increases import costs and adds to inflation.

- Date: 2024-07-01 · published 2024-07-01T12:00:00.000Z
- Category: macro · region Japan · magnitude low
- Page: https://feedsoft.ai/events/30019-japan-names-new-fx-diplomat-as-yen-hits-38-year-low
- Commodities: [Japanese Yen (JPY per USD)](https://feedsoft.ai/c/USDJPY.md)

## Why it matters

The policy response signals possible intervention, which could strengthen the yen and ease dollar-priced import costs for Japanese feed buyers. Until then, the weak yen keeps Japanese import costs elevated.

## Read by commodity

- USDJPY: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/markets/asia/japan-appoints-atsushi-mimura-top-fx-diplomat-replacing-masato-kanda-2024-06-28/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.