TOKYO (Kyodo) — The U.S. dollar fell below 140 yen on Tuesday for the first time since September 2024 after U.S. President Donald Trump criticized Federal Reserve Chair Jerome Powell for not reducing interest rates.
The dollar also came under pressure amid speculation that the U.S. administration will urge Japan to address the yen’s weakness against the dollar when the Japanese and U.S. finance chiefs meet as expected in Washington this week.
At around 2:30 p.m. in Tokyo, the U.S. dollar fell to around 139.90 yen. It traded at 140.83-93 yen in New York and 140.55-57 yen in Tokyo at 5 p.m. Monday.
Trump said in social media posts Monday that many are calling for “preemptive cuts” in interest rates, urging the Fed chief to take action to support the economy.
The remark raised concern that the central bank could lose its independence, leading to the selling of the U.S. currency, dealers said.
