Tokyo: For the first time since the end of the Second World War, the Japanese yen has hit its highest level against the US dollar.
The yen climbed as high as 76.25 against the dollar in US trading. In Asia on Thursday, it was closer to 79.42.
The Nikkei 225 index shed 2.7% to 8,845.49 on concerns about the impact of a strong yen on exporters’ profits.
G7 finance ministers have called a meeting on Thursday to discuss how to deal with global market volatility.
Analysts expect the ministers to give Japan the go ahead to intervene in currency markets to stabilise the yen.
“It seems inevitable that the yen will be part of a broader discussion on stabilising global markets,” said Alan Ruskin of Deutsche Bank.
“It would be nothing short of amazing if they fail to at least make some veiled threat of intervention,” he added.
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