The U.S. dollar briefly touched a fresh record low of 76.25 yen Thursday in Sydney, easily breaking its previous postwar low of 79.75 yen marked in April 1995, on massive yen buying by risk-averse investors amid speculation that Japanese companies may sell dollar-denominated funds for the yen following the devastating earthquake and worsening nuclear crisis in Japan.
Yesterday I talked about about how the Quantitative Easing by the Federal Reserve coupled with the Bank of Japan Quantitative Easing would have a big effect on the USD / JPY exchange rate. Here we are 24 hours later and we already seeing the effects on the exchange rates between the two countries. As I said before yesterday the USD/JPY exchange rate is an important dynamic for the anime industry in both the U.S. and Japan. How this will affect both sides of the industry is unknown right now.In New York on Wednesday, the dollar dropped to the lower 79 yen, hitting a 16-year low on growing global economic uncertainties and drops in U.S. stock prices, dealers said.