Forex
Nikkei average plunges over 1,000 points on yen surge
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Japan's Nikkei 225 stock average tumbled more than 1,000 points early Monday amid a surge in the yen against the dollar, dipping below 53,000. The currency's strength has fueled speculation of foreign exchange intervention by Japanese and U.S. authorities, heightening market tensions.
Japanese Finance Minister Satsuki Katayama defended Prime Minister Sanae Takaichi's comments on the benefits of a weak yen on Tuesday, stating they were general textbook references. The yen weakened beyond 155 to the dollar following the remarks. Katayama agreed that a weak yen has both advantages and disadvantages.
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Ethiopia's forex market appears calm but is under administrative watch, according to reports. This insight comes from Addis Fortune, a leading Ethiopian business news source.
Ethiopian banks are tightening measures collectively as foreign exchange rates approach a new equilibrium. This development is reported by Addis Fortune, Ethiopia's leading English business news weekly.