Air Conditioner Market Takes Hit from Falling Yen

On December 5, the value of the Japanese yen fell sharply in trading on the New York foreign exchange market, closing at 121.50 yen to the dollar, the lowest the Japanese currency has fallen in about seven years and four months, since the last low recorded on July 20, 2007. The yen has dropped sharply to the 120-yen range after trading for about two years at the 80-yen range since 2012.