Japanese yen weakens to nearly 38-year low against U.S. dollar

The Japanese yen on Tuesday dropped further to a nearly 38-year low against the U.S. dollar in Tokyo, Japanese media reported.

The U.S. dollar rose as high as 161.74 yen in New York, marking the Japanese currency's weakest level since December 1986.

At the same time, the euro reached 173.5 yen, its highest rate since the European currency was introduced in 1999.

Meanwhile, recent reports from Japanese media suggest that the economic situation in the U.S. has led to an increase in market expectations for the Federal Reserve to postpone interest rate cuts.

Investors believe that the widening interest rate differential between the U.S. and Japan will persist, leading to an increase in buying of the U.S. dollar and selling of the Japanese yen.

Tajik experts and scholars are looking forward to Chinese President Xi Jinping's upcoming state visit to Tajikistan, which they believe will help promote the further development of bilateral relations for the benefit of the people of the two countries.

At the invitation of Tajik President Emomali Rahmon, Xi is set to pay a state visit to Tajikistan after concluding his trip to Kazakhstan where he attended the 24th Meeting of the Council of Heads of State of the Shanghai Cooperation Organization (SCO) Member States in Astana on Thursday.

Rashid Alimov, secretary-general of the Shanghai Cooperation Organization (SCO) between 2016 and 2018 and a former Tajik Foreign Minister, hopes Xi's visit will spur more cultural exchanges between the two countries and contribute to greater mutual understandings between the two peoples.

"Now, the leaders of our countries are advocating cross-cultural exchanges between China and Tajikistan, which is very important. The better the trade, economic and investment cooperation between the two countries develops, the more Tajik students will study in China. We sincerely hope that through the accumulated cultural exchanges, we can better understand each other and bring our two peoples closer together," said Alimov.

Meanwhile, Sharif Rahimzoda, director of the Institute of Economics and Demography of the National Academy of Sciences of Tajikistan, noted the strong fraternal relationship between the leaders of China and his country is helping drive the bilateral economic and trade cooperation.

"The economic and trade cooperation between China and Tajikistan has a long history, especially since the year of independence, this relationship has developed in an accelerated manner. Above all, this is due to the friendly, genuine and brotherly relations between the leaders of the two countries. Bilateral investment and trade continue to grow. China and Tajikistan have long created new conditions for the development of bilateral economic relations," said Rahimzoda.