Japanese Yen Hits 32-Year Low Against US Dollar Before Partial Rebound

Japan's yen fell to its lowest point against the US dollar in over 30 years on Wednesday before rebounding slightly
The yen's weakness makes Japanese exports cheaper but drives up import costs and energy prices
Japan recently raised interest rates for the first time since 2007 but rates remain very low compared to the US
The Japanese government is watching currency markets closely and could intervene to prop up the falling yen
The yen has weakened significantly in the past 2 years and is down more than 7% against the dollar in 2022