U.S. protectionism lurks behind yen's stubborn weakness
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The yen is experiencing a historic stretch of weakening against the dollar, driven by protectionist U.S. policies. This weakness persists even after the Bank of Japan's first interest rate hike in 17 years. The strong dollar is backed by U.S. protectionism, including the 'Buy American' push, which is attracting foreign money and bolstering the dollar. The yen's weakness is not reflecting its fundamentals, according to Japan's top currency diplomat. The yen is the worst-performing G10 currency for the third consecutive year. The article was published on March 27, 2024.

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https://asia.nikkei.com/Business/Markets/Currencies/U.S.-protectionism-lurks-behind-yen-s-stubborn-weakness