Tuesday, 18th March 2008
In Business In Japan,
Dollar 'plunges' against yen
The value of the dollar against the Japanese yen has plummeted to a new low.
Amid fears over the future performance of the US economy and the continuation of the US sub-prime mortgage crisis, the value of the dollar yesterday fell to a low not seen for close to 13 years, reports the Japan Times.
"The recent moves in the currency market are excessive and I'm worried about it," said Fukushiro Nukaga, Japan's finance minister.
Cabinet secretary Nobutaka Machimura, added: "Such wild movement is not favourable to the Japanese economy as well as the world economy."
During trading on Monday, the US dollar fell for a short time to ¥95.77.
In related news, the Financial Times has reported that China's premier Wen Jiabao has voiced concerns over the consequences of a weak dollar, in addition to concerns over the performance of the global and US economy.
The comments were made by Mr Wen during a news conference.
Related news stories:
Japanese yen drops to lowest level since 2008 against US dollar (8th April 2013)