Yen reaches weakest levels in 34 years

The Japanese yen plunged to its weakest level against the US dollar in about 34 years on Wednesday.

It saw the yen breach its previous record low of JPY 151.95, which was set in October 2022.

Japanese authorities responded to the development with assertive language, with finance minister Shunichi Suzuki saying the nation was prepared to take measures to address any chaotic fluctuations in the foreign exchange market, according to CNBC.

The yen was last trading at JPY 151.11 against the dollar.

Reporting by Josh White for Sharecast.com.