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Yen second only to ruble as worst-performing major currency

Japan's dependence on imported energy and food creates structural weakness

The Japanese currency slid past 125 yen per dollar at one point, the weakest level since August 2015.   © Reuters

TOKYO -- The yen fell by the most of any major currency except the ruble during the first quarter of 2022 as Japan fell behind other big economies in moving toward higher interest rates.

The Nikkei Currency Index, a broad measure of currency strength, shows the ruble tumbling 11.7% between the end of December and the end of March, the steepest dive among 25 currencies. The yen came next with a 5.7% decline.

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