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Forex

Yen Hits 39-Year Low Amid Escalating Middle East Tensions

Guavy AI Editorial Team
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The yen traded at its weakest level in nearly four decades on the 23rd after President Trump's statement on potential military action against Iran sent investors flocking to safe-haven assets.

Crude oil prices surged following the announcement, with New York crude oil futures (WTI) spiking. This triggered a sharp sell-off in the yen, which plunged to as low as 163.99 per dollar, its weakest level since November 1986.

The prevailing view that Japan's interest rates will remain lower than those in the US is driving yen-selling and dollar-buying. The widening rate differential is seen pushing up inflation expectations, prompting additional rate hikes by the Federal Reserve.

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