Japan’s yen falls close to 24-year low, raising concern among economic officials

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June 10 (UPI) — Japan’s yen fell dangerously close to its lowest value in 24 years in early trading in the United States on Friday, which could trigger new economic challenges globally.

The reliable Southeast Asian currency tumbled to less than one yen from to 135.15 per dollar, down 0.5%.

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The currency has seen a 14% drop since January.

“We are concerned about rapid falls in the yen seen in the foreign exchange market recently,” Japan’s Ministry of Finance, the Bank of Japan and the Financial Services Agency said in a joint statement Friday.

“The government and the Bank of Japan will closely coordinate and monitor the developments in the foreign exchange market and their effects on the economy and prices with a stronger sense of urgency.”

The statement from the three parties was seen as a significant escalation of concern by foreign exchange analysts, coming a week before the Bank of Japan holds its policy meeting.