# Japanese yen weakens to fresh 38-year lows; top currency diplomat replaced

> The yen weakened past 161 per dollar for the first time since 1986 on Friday. Japan reportedly replaced its top currency diplomat, Masato Kanda, with Atsushi Mimura, after the finance ministry intervened for about $62 billion between April and May.

- Date: 2024-07-01 · published 2024-07-01T12:00:00.000Z
- Category: macro · region Japan · magnitude medium
- Page: https://feedsoft.ai/events/30031-japanese-yen-weakens-to-fresh-38-year-lows-top-currency-diplomat-replaced
- Commodities: [Japanese Yen (JPY per USD)](https://feedsoft.ai/c/USDJPY.md)

## Why it matters

The personnel change and the earlier intervention show Tokyo is willing to act against yen weakness, which could strengthen the yen and lower Japan's dollar import costs. Renewed intervention would be the main near-term risk to the current trend.

## Read by commodity

- USDJPY: bullish ▲

## Sources

- cnbc.com: https://www.cnbc.com/2024/06/28/yen-hits-161-against-us-dollar.html

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