The value of the U.S. dollar plummeted to its lowest-over level on the Tokyo Foreign?
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Background: The value of the U.S. dollar plummeted to its lowest-over level on the Tokyo Foreign Exchange Market, Japan, on Monday (9 July).
At one point the rate was 253 yen to the dollar, although it has never dropped below 260 before.
Japanese Fiance Minister Kiichi Aichi said that the Japanese Government and the Bank of Japan had no intention of intervening.
The failure of the Bank of Japan to intervene gave rise to name criticism among local bankers in Tokyo. They said that the Japanese Government was not living up to a previous premise to prevent wide fluctuations in the yen-dollar exchange rate.