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Japanese yen weakens to 160 against the USD for the first time since 1990


The Japanese yen weakened to 160 against the U.S. dollar in Monday morning trading in Asia.

Vincent Chung, associate portfolio manager for T. Rowe Price's diversified income bond strategy, noted that officials seem more focused on volatility in the currency, rather than specific levels. In a press conference Friday, BOJ Governor Kazuo Ueda said exchange rate volatility would only affect monetary policy if there was a "significant" impact on the economy, according to a Reuters translation of his remarks. Still, T. Rowe Price's Chung said yen weakness has "positively impacted stock performance, encouraged corporations to raise wages, and moved the country closer to the Bank of Japan (BoJ)'s inflation target of 2%."

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