British Pound reaches lowest level now in 30 years in valuation worldwide

Stocks in Japan suffered their worst day in five years and the British pound plummeted to its lowest level in around 30 years after the U.K. voted to leave the European Union. Photo: Reuters

Some economists say the BOJ has little power to weaken the yen with monetary policy alone. Its quantitative easing is seen as overextended after three years of aggressive asset purchases. Its setting of a negative interest rate on some bank reserves in February has pushed borrowing costs lower, but this hasn’t stimulated borrowing and the policy remains widely unpopular.
The question of direct market intervention by the Ministry of Finance, on the other hand, has been a source of tension this year between Japanese and U.S. policy makers.
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'Brexit' Forces Asia's Central Banks to Consider New Policy Moves

One of the problems of democracy is when something like Brexit happens and the people voting for it have no idea at all about Global Finance or world trade and how all that works. Brexit may just have started either another global Great Recession or even a Global Great Depression. It's hard to say at this point. We'll just have to see. But right now to many people it might look to them like Brexit just broke the back of the world economy for now.