Most Devalued Yen, 127.88 Yen vs. Dollar, in 38 Months

The yen was transacted at 127.88 in the Tokyo Foreign Exchange Market, 0.45 up compared to the previous day, recording the lowest value in the past 38 months.

The yen value once hiked up to 128 yen vs. dollar, influenced by the plunging U.S. and the European market last weekend. In addition, the sales rush was accelerated by the remark of the financial director of Japan`s Finance Ministry, Kurota Haruhiko who said, "Yen value has been over-estimated up to now. We are in the process of re-adjustment."

Young-Ee Lee yes202@donga.com