Yen Gains Sharply Against the Dollar

The Japanese yen strengthened sharply after July 11, 2024. One dollar bought 161.85 yen at the high, then 141.70 at the low, per Citigroup's August 5 yen note. Fewer yen per dollar means a stronger yen. The note calls that a 12.5% drop. The swing followed a July 1 slide past 161 yen per dollar, its weakest since 1986.