The ongoing depreciation of the yen has become a focal point for market watchers and economists. The yen is trading through its tightest monthly trading range in over a year and a half, with the potential intervention by the Bank of Japan (BOJ) looming over the market, acting as a deterrent for yen bears.
Source: Depositphotos | Author: DeltaStock
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After previously crashing to a then unfathomable record low of 13.44 to the dollar in late November, yesterday the lira plunged to a new shocking low of 17.12 to the dollar after the country’s Central Bank voted to once again cut its interest rate from 15% to 14%.
For perspective, the average mid-2017 value was just 3.5 to the dollar, yet the lira has somehow managed to lose more than 40% of its value against the U.S. dollar this year alone!