ISTANBUL

The Japanese yen hit its lowest level since April 29 against the US dollar, nearing 160 on Monday.

The yen/dollar parity exceeded the 160 level on April 29, hitting a 34-year low level.

Last week, the parity was around the 158 level.

Before the COVID-19 pandemic, the parity was at 100 level.

While all major central banks in the world increased the interest rates one by one, the Bank of Japan tried to continue its ultra-loose monetary policy.

As a result of this policy, the Japanese yen declined in value against the US dollar.

In March, the bank ended the negative-rate era after years and raised the rate from minus 0.1% to 0.1%.

After the interest rate move of the bank, the parity dropped from 150 to 146 level in March.