The yen’s fall against the dollar is fueled by Japan’s preference for a weaker currency and a tacit acceptance from U.S. officials focused on inflation
Strong dollar helps lower prices for American consumers hit by inflation, so Washington isn’t pushing for Tokyo intervention
The U.S. dollar last year saw its largest increase in value since 2015. That’s good for many American consumers, but it could also put a dent in stocks and the U.S. economy. WSJ's Dion Rabouin explains. Photo illustration: Sebastian Vega/WSJTOKYO—The dollar rose to a more than six-year high against the yen Monday, fueled by Japan’s preference for a weaker currency and—in a shift—tacit acceptance from U.S. officials focused on inflation.
For the first time since August 2015, a dollar on Monday briefly bought more than 125 yen on foreign-exchange markets, compared with around 110 yen a half-year ago. The dollar was changing hands at around 123.93 yen late Monday in Tokyo.
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