Stocks Plunge On Fed Rate Rise Predictions, And The Yen Falls To A New 24-year Low.

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The Japanese yen was trading at 144.95 yen per US dollar, its lowest level since August 1998. If “rapid, one-sided” movements in the currency market persist, the Japanese government stated it plans to take action.

Government bond yields in the Eurozone originally increased on expectations of a 75 basis-point rate hike from the European Central Bank. but dropped as a result of traders backing off of their wagers in response to several media stories.

Germany’s 10-year yield was at 1.595% after reaching its highest level since late June earlier in the session at 1.645%.

The Bank of Canada is battling to contain inflation; which is at its highest level in nearly four decades, and is to announce a significant rate hike.

Reuters.

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