U.S. protectionism lurks behind yen's stubborn weakness

Election-year 'Buy American' push attracts foreign money, bolstering dollar

20240326N Yen Dollar REUTERS

The yen has remained persistently weak against the dollar even after the Bank of Japan scrapped negative interest rates. © Reuters

FUTOSHI OGURI, Nikkei senior staff writer

TOKYO -- The yen is caught in a historic stretch of weakening that shows no sign of ending even after the Bank of Japan's first interest rate hike in 17 years, thanks to the persistently strong dollar backed by protectionist U.S. policies.

Amid the flurry of monetary policy meetings by global central banks in the second half of March, Tohru Sasaki of Fukuoka Financial Group put forward an interesting idea.

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