Yen skids to fresh 38-year low; US dollar tumbles
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The yen sank to a fresh 38-year low against the US dollar and a record trough versus the euro on Wednesday. The dollar fell after softer-than-expected US economic data, adding to expectations that the Federal Reserve will likely start cutting interest rates later this year. The yen fell to 161.96 per dollar for the first time since December 1986. The yen also hit an all-time low of 174.48 against the euro. Japanese authorities have been largely quiet on the yen this week. Wednesday’s data overall depicted a US economy that is slowing down.

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